Josh Kushner and Bob Iger reportedly buying Los Angeles Lakers for $12.5bn

• Mark Walter bought team last year for $10bn

• Iger and Kushner aim to compete at the highest level'

Josh Kushner and Bob Iger are purchasing the Los Angeles Lakers for more than $12.5bn in a record-breaking deal, ESPN reported on Wednesday, citing sources with knowledge of the deal.

Billionaire Mark Walter purchased a majority stake of the NBA team last year from the Buss family in a deal that valued the club at $10bn, with the deal only having been approved by the board of governors in October.