Billionaire Mark Walter’s sale of the NBA’s Lakers is a record-breaking valuation for a North American sports franchise.Venture capitalist Josh Kushner and former Disney CEO Bob Iger are set to buy the Los Angeles Lakers, with the ⁠deal valued at a record $12.5bn, 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 $10bn, with the deal only having been approved by the board of governors in October.Recommended Stories list of 4 itemslist 1 of 4Argentina’s Messi not certain to play ‘much longer’ after father’s deathlist 2 of 4Football superstar Cristiano Ronaldo marries long-term partner in Portugallist 3 of 4Barca eye three-peat as Mourinho back at Madrid in new La Liga seasonlist 4 of 4Pogba suffers new injury setback with Monaco future now in doubtend of listWalter’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.“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Iger and Kushner said in a statement.“We have immense respect for the leadership and vision of [former Lakers owners] Jerry ‌and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”The two businessmen had previously been tied to a potential NBA expansion team in Las Vegas, but Wednesday’s news, which stunned fans and industry experts, seemingly ended that effort.The deal requires sign-off from the board of governors. It is also pending due diligence by Kushner’s Thrive Eternal, a new investment strategy launched by his venture capital firm Thrive Capital, a source said.Los Angeles Lakers guard Austin Reaves, left, just re-signed with the Lakers on a four-year, $185m maximum contract extension last month [File: Jayne Kamin-Oncea/Imagn Images via Reuters]Magic praises Iger“I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!” Lakers great Earvin “Magic” Johnson posted on ⁠social media.“Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years – he ⁠has always loved the Lakers and basketball and he will bring championships back to LA.”As CEO of Disney, Iger oversaw sports network ESPN and built relationships with the NBA while the company entered into multibillion-dollar broadcast deals for games. He retired from Disney in March.Iger and his wife, Willow Bay, previously acquired a controlling stake in National Women’s Soccer League side Angel City FC.On the court, the ⁠Lakers are in a period of transition after the league’s all-time leading scorer LeBron James left the team in the offseason to join the Philadelphia 76ers.New Lakers co-owner Josh Kushner, right, is founder and managing partner of the venture capital firm Thrive Capital and has an estimated personal wealth of $5bn [File: Brendan McDermid/Reuters]FIFA FalloutThe deal comes just weeks after Kushner emerged as a central ⁠figure in a controversial private equity plan involving global football governing body FIFA.FIFA said in July ⁠it planned to create a new commercial subsidiary, valued at about $20bn, to hold the organisation’s World Cup and other event-related businesses and sell minority stakes to outside investors.Thrive Eternal was expected to lead a group of investors. The proposed transaction could have raised more than $4bn for FIFA, with the proceeds intended in part to fund football development programmes around the ‌world.The proposal triggered an immediate backlash from European football officials and others who objected to private investors taking an ownership stake in the commercial operations of the world’s most popular sport and threatened to become a test of FIFA President Gianni Infantino’s leadership.FIFA later backed away from the plan after ‌the ‌criticism, though it said it would continue consulting on the proposed structure. Kushner’s brother, Jared, is US President Donald Trump’s son-in-law. Jared Kushner was not involved in the proposed deal.