Mark Walter's tenure as the majority owner of the Los Angeles Lakers has ended after less than one year.

Walter purchased his controlling stake in the franchise at a $10 billion valuation in October. The team has now been sold to American businessmen Josh Kushner and Bob Iger for a record price exceeding $12 billion, ESPN reported. The roughly $2 billion increase in valuation over less than a year underscores the rapid escalation of sports franchise prices across major U.S. leagues, with marquee NBA franchises in large media markets commanding particular premiums from institutional and high-net-worth buyers.

"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a statement, via ESPN. "Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

Walter issued his own statement reflecting on his brief ownership period: "Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."

Iger is the former CEO of The Walt Disney Company, having held the position across two separate tenures. During his leadership, Disney completed landmark acquisitions including Pixar, Marvel Entertainment, Lucasfilm, and 21st Century Fox, reshaping the company into a global streaming and content powerhouse. He stepped down in March. Kushner, the younger brother of Jared Kushner, founded venture capital firm Thrive Capital, an early backer of companies including Instagram, Stripe, and OpenAI, and co-founded health insurance company Oscar Health.

Both Kushner and Iger had previously been involved in efforts to acquire an NBA expansion team in Las Vegas, a market the league has reportedly weighed as it considers future expansion.

Walter remains the CEO of Guggenheim Partners and the majority owner of the Los Angeles Dodgers, whom he acquired in 2012 for $2 billion in what was then the largest sale price for a North American sports franchise. He is currently under federal investigation for alleged tax fraud.

The Lakers franchise was passed down to the children of the late Jerry Buss following his death in 2013. Jeanie Buss has served as the team's governor since that time. Reports indicated she was expected to remain in the governor role for an additional five years even after the sale to Walter closed.

The Lakers are entering a new era headlined by Luka Dončić, following the end of LeBron James' eight-year tenure with the franchise earlier this summer. James, the NBA's all-time leading scorer, signed a two-year contract with the Philadelphia 76ers.

The Lakers won 11 of their 17 NBA championships under Buss family ownership, with the most recent title coming in 2020.

Fox Business' Scott Thompson contributed to this report.