By: AP via Scripps News Group

The Los Angeles Lakers are being sold to businessmen Josh Kushner and Bob Iger for a record-breaking price, the second such sale in a year.

This sale agreement is $12.5 billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity Wednesday because neither side revealed specific details.

ESPN first reported that Kushner and Iger are buying the NBA's most valuable franchise, which was valued last year at $10 billion when Mark Walter purchased a controlling stake from the Buss family. The two businessmen had been involved in trying to get an expansion team for Las Vegas.

By buying the Lakers, Iger and Kushner simply don’t have to wait for that decision. Expansion, if it happens, could take place in the 2028-29 season.

The sale still will need approval from the NBA’s board of governors, and that process can take several weeks. The next board meeting is set for next month in New York.

The $12.5 billion price tag is not only record-setting for U.S. pro sports but it continues a trend of NBA franchise values skyrocketing. Only three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation, and the Boston Celtics were sold last year at a valuation of just over $6 billion -- which was then a record.