The controlling stake of the Los Angeles Lakers is to be sold to Chelsea co-owner Mark Walter with a franchise valuation of $10bn – the highest ever for a professional sports franchise.

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, Associated Press reported.

It is not clear how much more of the Lakers that Walter is acquiring. He was part of a group that bought 27 per cent of the Lakers in 2021. Jeanie Buss will still own at least 15 per cent 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.

“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 two World Series and 11 NL West divisional titles in the last 12 years!”

Johnson said he is certain Jeanie Buss made the deal only after being convinced that Walter will do right by the Lakers.

“Laker fans should be (ecstatic),” Johnson said. “A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!

“I can understand why Jeanie sold the team to Mark Walter because they are just alike – they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world.”

Walter is intensely private in shunning the spotlight. He is CEO of the financial services firm Guggenheim Partners, which is estimated to have more than $325bin in assets. Johnson is among Guggenheim’s investors.

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 $6.1bn, which was going to be a record, topping the previous mark of $6.05bn sale for the NFL’s Washington Commanders.

The Celtics’ sale is not yet finalised, pending final approval by the NBA’s board of governors. That board is scheduled to meet in Las Vegas next month.

And now, the Lakers are to be sold with a valuation of $10bin – 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 $67.5m and made it to the NBA Finals 16 times out of his 34 seasons leading the club, winning 10 championships in that span. When he died in 2013, ownership of the Lakers went into a trust controlled by Buss’ six children – who all worked for the Lakers in various capacities for several years.

Eventually, the family began clashing over control. An agreement was struck in 2017 calling for Jeanie Buss to serve as controlling owner, ending a battle that included her going to court after her brothers Jim and Johnny Buss called for a board meeting that she interpreted as a challenge to her power – shortly after she removed Jim Buss as the Lakers’ executive vice president of basketball operations.