Obviously, I am not a lawyer. All this is not legal advice. And other disclaimers.
The very short answer is: it depends but it might be okay.
My understanding is that Satire is always a safe harbour. After all, newspapers print political satire cartoons all the time. To an extent, it depends on if you are saying this is real and/or if you are portraying the person or persons in a negative light.
The other thing about basing characters on real people is that those real people have a hard time identifying themselves.
So my advice would be this – draw the cartoon and then imagine you are the people in question and try to see if you would be offended.