Bob Iger, Walt Disney’s former chief executive, and Josh Kushner, whose brother is Donald Trump’s son-in-law, are buying the Los Angeles Lakers basketball franchise for $12bn, in what would be the highest price ever paid for a sports team. The deal would see the pair acquire the franchise from Mark Walter, the co-founder of Guggenheim Partners, who only agreed to buy the Lakers from longtime owners the Buss family roughly a year ago in a transaction valued at about $10bn.

Walter, who also co-owns Chelsea Football Club and the Los Angeles Dodgers baseball team, has recently come under scrutiny from federal prosecutors in New York examining whether his life insurance empire properly disclosed ownership interests in assets connected to his other holdings. The Lakers are among the most valuable and globally recognised brands in sport, with a history that includes championship-winning eras led by Magic Johnson, Kobe Bryant and LeBron James.

A $12bn valuation would underline the extraordinary escalation in sports-franchise values, particularly for elite US teams, valuable media rights and significant commercial potential. “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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a statement. This is a developing story.