Let G be a Kac-Moody group with Borel subgroup B and compact maximal torus T. Analogous to Kostant and Kumar [Kostant, B. & Kumar, S. (1986) Proc. Natl. Acad. Sci. USA 83, 1543-1545], we define a certain ring Y, purely in terms of the Weyl group W (associated to G) and its action on T. By dualizing Y we get another ring Psi, which, we prove, is "canonically" isomorphic with the T-equivariant K-theory K(T)(G/B) of G/B. Now K(T)(G/B), apart from being an algebra over K(T)(pt.) approximately A(T), also has a Weyl group action and, moreover, K(T)(G/B) admits certain operators {D(w)}w[unk]W similar to the Demazure operators defined on A(T). We prove that these structures on K(T)(G/B) come naturally from the ring Y. By "evaluating" the A(T)-module Psi at 1, we recover K(G/B) together with the above-mentioned structures. We believe that many of the results of this paper are new in the finite case (i.e., G is a finite-dimensional semisimple group over C) as well.