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

"The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global," Charania wrote. "Jeanie Buss will continue to serve in her role as Governor after the sale.

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.