The sale of the Los Angeles Lakers is close to the finish line. Owner Mark Walter and Thrive Capital founder Josh Kushner have agreed on all of the remaining terms of a deal that values the team at $12.5 billion, according to people close to the talks.

The two men met in person Thursday at Walter's home in Florida to finalize the transaction. They are expected to sign the formal agreement soon.

Kushner has assured Walter that he has raised all of the money needed to complete the purchase, those people said.

What happens next

Once the agreement is signed it goes to the NBA for review. That process usually takes some time because the league looks closely at the financing and the ownership structure of every deal.

Kushner and former Disney CEO Bob Iger struck the agreement with Walter over the summer. They have spent the past few months working through the details.

A deal made in 72 hours

The talks came together fast. Iger was on his sailing yacht in Europe in mid-August, winding down a monthlong vacation after his long run at Disney, when he started working the phones from Italy. The framework of the sale was hammered out over about 72 hours.

It is the second time in roughly a year that the franchise has changed hands. Jeanie Buss stunned the sports world when she agreed to sell the team to Walter after 46 years of family ownership. That deal valued the Lakers at $10 billion.

On the court the Lakers have rebuilt their roster around their superstar, Luka Doncic.