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 most 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 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 of the Lakers that Walter is acquiring. He was part of a group that bought 27% of the Lakers in 2021.

Walter is part of the ownership of many other franchises, including the Los Angeles Dodgers, Chelsea FC, the Los Angeles Sparks and several auto racing teams.

ESPN first reported the agreement.