Dodgers owner Mark Walter will assume a controlling interest of the team; Jeanie Buss will remain in the governor role

The Buss family has agreed to sell the controlling stake in the Los Angeles Lakers with a franchise valuation of $10 billion — the most ever for a professional sports franchise.

Magic Johnson was last a member of the Lakers organization in 2019, when he stepped down as president of basketball operations. He helped put up the money for Walter's controlling stake in the Los Angeles Dodgers at a value of $2 billion.