Josh Kushner and Bob Iger are buying the Los Angeles Lakers basketball team for a record-breaking price of $12.5 billion, according to people familiar with the matter.

Kushner, founder and chief executive officer at Thrive Capital, and Iger, former CEO of Walt Disney Co. who is also an adviser at Thrive, had been seeking to acquire an NBA expansion team in Las Vegas but pivoted to make an offer to buy the Lakers from financier Mark Walter, whose sprawling investment empire is under federal investigation.

The first inquiry came from the Iger-Kushner side and the deal moved quickly, with talks unfolding over a matter of three or four days and the final agreement coming together in the past 24 hours, Iger said in an interview on Wednesday.