Venture capitalist Joshua Kushner and former Disney CEO Bob Iger are set to purchase the Los Angeles Lakers, with the deal valued at a record $12.5 billion, according to sources familiar with the matter on Wednesday.

Billionaire Mark Walter purchased a majority stake in the NBA team last year in a deal that valued the club at $10 billion, with the deal only having been approved by the board of governors in October.

Walter’s financial empire faces a federal probe, according to reports last month, examining links between investments held by his insurers and affiliates. Walter is also the owner of Major League Baseball’s Los Angeles Dodgers.