Los Angeles, California - The Los Angeles Lakers – one of the most successful teams in NBA history – are being sold to former Disney CEO Bob Iger and investor Joshua Kushner in a deal valuing the team at $12.5 billion, ESPN reported Wednesday.

The sale, which would mark a record-breaking price, comes only about a year after billionaire Mark Walter agreed to buy a controlling interest in the team in a then-record $10 billion deal.

Kushner is the brother of Jared Kushner, President Donald Trump's son-in-law.

Walter's purchase, which was reported in June of last year, ended the Buss family's 46-year reign over the NBA giants.

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The Lakers have won 17 NBA championships, second only to the Boston Celtics.

The team has been home to some of the league's biggest superstars, including Kareem Abdul-Jabbar, Shaquille O'Neal, and the late Kobe Bryant.

LeBron James, the NBA all-time scoring leader, just left the squad for the Philadelphia 76ers after spending eight years and winning one title with the Lakers.

The sale still requires approval from the NBA's board of governors, in a process that can take weeks, ESPN has reported.