By Tim Reynolds

AP Basketball Writer

The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $10 billion — the highest ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday.

As part of the deal, Jeanie Buss — whose family has had control of the Lakers since her father bought the team in 1979 — intends to remain as team governor, said the person, who spoke to The Associated Press on condition of anonymity because neither side immediately announced details.

It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27% of the Lakers in 2021. Jeanie Buss will still own at least 15% of the Lakers once this transaction is completed; by NBA rule, a governor must have at least that much of an ownership stake.

Walter and TWG Global already had the controlling interest in the Los Angeles Dodgers, Premier League club Chelsea, the Professional Women’s Hockey League, and — through TWG Motorsports — owns several auto racing teams including Cadillac Formula 1.

Dodgers manager Dave Roberts said news of the sale to Walter marks “a very exciting day for the Lakers, for the city of Los Angeles.”

“He’s very competitive and he’s going to do everything he can to produce a championship-caliber team every single year and make sure the city feels proud about the Lakers and the legacy that they’ve already built with the Buss family,” Roberts said.

ESPN first reported the agreement.

“Mark Walter is the best choice and will be the best caretaker of the Laker brand,” Lakers legend Magic Johnson, a business partner of Walter’s and someone extremely close to Jeanie Buss, posted on social media. “The proof is in the pudding on what he’s been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner notching 2 World Series and 11 NL West divisional titles in the last 12 years!”