The pair are buying the team from Mark Walter, who paid $10 billion for it just over a year ago, and someone who Magic Johnson once said would own the team for decades.

The legacy NBA franchise was transferred from the Buss family last year at a $10 billion valuation.

Mark Walter sold his majority shares of the Lakers to Bob Iger and Josh Kushner for $12.5 billion, yielding a $2.5 billion profit