Story highlights Video shot January 16 near Dallas shows stunt plane narrowly missing two people

FAA source: The pilot's waiver to perform aerobatics at the airport had expired

A motorcycle stunt team shooting a practice video captured the incident

Dramatic video of a stunt pilot buzzing a Texas runway -- narrowly missing two people -- has prompted the Federal Aviation Administration to investigate the incident, authorities confirmed Thursday.

The video, shot January 16 at Lancaster Municipal Airport south of Dallas, depicts a plane coming in close proximity to two people in an apparently staged stunt.

The pilot, identified as Jason Newburg, previously had an FAA waiver to do aerobatics at the airport, but the waiver expired in November, an FAA source -- who requested anonymity because of the ongoing investigation -- told CNN.

FAA spokesman Lynn Lunsford said Thursday the agency is investigating the incident.

"Even with a valid waiver, there is a requirement that people on the ground not be endangered," he said.

The 19-second clip, titled "200mph Plane fly-by within 2 feet of person," was uploaded to YouTube, according to The Smoking Gun, which also posted the video.

In a Twitter post, a member of Team Stunters -- a motorcycle stunt team -- reported the footage was shot during a "practice session for upcoming shows," The Smoking Gun reported.

The Smoking Gun is owned by Turner Broadcasting, which also owns CNN.

A CNN phone call to Newburg was not immediately returned, nor were e-mails to the motorcycle stunt team.