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 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.

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.

ESPN first reported the agreement.

The agreement for the sale of the Lakers comes about three months after Bill Chisholm agreed to buy the Boston Celtics with an initial valuation of $6.1 billion — that topping the previous mark of $6.05 billion sale for the NFL’s Washington Commanders.

And now, $10 billion — not just a record, but a total smashing of the previous mark.

The Lakers have been in the control of the Buss family for 46 years, the longest of any current NBA franchise. Herb Simon bought the Indiana Pacers — currently in the NBA Finals — in 1983, the second-longest current ownership of an NBA club.

Jerry Buss bought the Lakers for $67.5 million and left the club to his family when he died.

Rays foe sale

ST. PETERSBURG, Fla. — The Tampa Bay Rays say they are in “exclusive discussions” with a Florida investment group for a potential sale of the team.

The Rays are valued at $1.25 billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $200 million in 2004.

“The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team,” the club said Wednesday while declining further comment.

The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October.

Before the hurricane, the Rays and the city had agreed on a plan for a $1.3 billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement.

St. Petersburg is spending about $55 million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club’s future in the Tampa Bay area is uncertain.

When the Rays withdrew from the project, the city noted that it was possible the club would have new owners.

“If in the coming months a new owner, who demonstrates a commitment to honoring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,” Mayor Ken Welch said in March. “But we will not put our city’s progress on hold as we await a collaborative and community-focused baseball partner.”