The proposed sale of the Los Angeles Lakers appears to have moved a significant step closer, with owner Mark Walter and prospective buyer Josh Kushner said to have resolved every outstanding point of the deal.
According to ESPN, which cited sources close to the negotiations, the agreement values the franchise at $12.5 billion. The terms have not been publicly confirmed by either party.
Kushner, the founder of Thrive Capital, reportedly travelled to Walter's home in Florida on Thursday, where the pair met face to face to complete the outstanding details. ESPN's sources indicated that a formal agreement is expected to be signed shortly.
The same sources said Kushner has told Walter that he has secured all of the funding required to finalise the purchase.
Signing the paperwork will not be the final hurdle. The deal must then be examined by the NBA, which typically takes a considerable period to scrutinise both the financing arrangements and the proposed ownership structure before granting approval.
Kushner is pursuing the acquisition alongside former Disney chief executive Bob Iger. The two struck what ESPN described as a surprising agreement with Walter to buy the franchise at the $12.5 billion figure, and they have spent the last few months working through the finer points of the transaction.
No timeline for the league's review has been given in the report.