Former Disney chief executive Bob Iger and Thrive Capital founder Josh Kushner have bought a controlling interest in the Los Angeles Lakers for $12.5 billion, according to Deadline. The deal would set a record valuation for a sports team and places two prominent investors in charge of one of the NBA’s best-known franchises.

They acquire the team from Mark Walter, who reportedly bought the Lakers from the Buss family for $10 billion roughly a year earlier. Iger and Kushner said they intended to build on Jerry and Jeanie Buss’s legacy, compete at the highest level and serve the team’s fans and Los Angeles; the NBA season is due to begin on 20 October.