The Los Angeles Lakers are changing owners, and the process is still ongoing. The initial announcement officially broke in August, shocking the basketball world — but it’s not until this week that the terms were formally set and finalized.

According to the latest intel, outgoing owner Mark Walter and his successor, Josh Kushner, recently met in Walter’s Florida home, where they formally agreed on a $12.5 billion valuation. While the sale has yet to be signed and reviewed by the NBA, there’s little doubt that the process will go through now that both parties have formally reached a deal.

“Los Angeles Lakers owner Mark Walter and Thrive Capital founder Josh Kushner have agreed on all outstanding terms of the sale of the team at a $12.5 billion valuation,” reported ESPN’s Ramona Shelburne. “The two men met in person Thursday at Walter’s home in Florida to finalize the transaction and are expected to sign the formal agreement soon, those sources said.”

“Once the agreement is signed, it will be reviewed by the NBA,” Shelburne added. “That process generally takes some time as the league reviews financing and ownership structure. Sources close to the negotiations said that Kushner has assured Walter he has raised all the money necessary to complete the sale.”

The delay between the announcement of the sale and the final agreement between the parties led many to suspect some kind of trouble in negotiations. A situation like that could have turned into a major distraction for the team, which is the last thing they need right now while trying to compete for a championship. Fortunately, those fears were settled today after reaching a final agreement on the terms.

For Los Angeles, this signals another culture shift, which comes mere months after the previous transition. Initially, the Lakers were run by the Buss family for decades before Jeanie famously sold most of her family’s shares to Mark Walter, a billionaire financier and investment manager. Once it was finalized, Walter’s influence was felt right away as he modeled the Lakers’ front office after what he had built with the Dodgers.

But after Walter was implicated in a federal investigation regarding insurance fraud, he used the Lakers as collateral, opting to sell the team to cover some of his debts. For the second time in less than two years, it prompted another ownership change, giving control to Josh Kushner and Bob Iger.

Walter and Kushner/Iger had been working out the details for weeks, seemingly negotiating in quiet as league activities resumed. Whatever details were keeping them apart have apparently been worked out, and the sale is expected to complete without issue. The only question now is what the new owners will do with their new positions.

From the statements made so far, we know that Kushner plans to uphold the Lakers’ illustrious reputation, and he has the resources to make it happen. Between him and Iger, the new owners bring almost limitless wealth, and they are committed to doing whatever is necessary for the team’s success.