LOS ANGELES, Nigeria — Former Disney CEO Bob Iger and investor Joshua Kushner are reportedly nearing a deal to acquire the Los Angeles Lakers in a transaction valued at $12.5 billion, ESPN reported on Wednesday. This potential sale would set a new record for the price of a National Basketball Association team.

The reported deal comes approximately one year after billionaire Mark Walter had agreed to purchase a controlling stake in the storied franchise for what was then a record $10 billion. Walter's acquisition, announced in June of the previous year, concluded the Buss family's 46-year ownership of the NBA powerhouse.

Joshua Kushner is the brother of Jared Kushner, who served as a senior advisor to former U.S. President Donald Trump. The Lakers, one of the NBA's most decorated franchises, have secured 17 championship titles, a record surpassed only by the Boston Celtics.

Throughout their history, the Lakers have been home to numerous league legends, including Kareem Abdul-Jabbar, Shaquille O’Neal, and the late Kobe Bryant. Most recently, LeBron James, the NBA's all-time leading scorer, concluded an eight-year tenure with the team, during which he won one championship, before departing for the Philadelphia 76ers.

The proposed sale is subject to approval by the NBA's board of governors, a process that ESPN indicated could extend for several weeks.