The NBA Board of Governors unanimously approved the bid to purchase a minority share in the Los Angeles Lakers by Todd Boehly and Mark Walter, Sportico announced Friday.
Boehly and Walter, who are co-owners of the Los Angeles Dodgers, are purchasing a 27-percent stake previously owned by billionaire Philip Anschutz.
Per the report, the stake also includes the right of first refusal on any other shares of the Lakers. That stake will transfer to Boehly and Walter when the transaction likely closes next week, per Sportico.
The Lakers were valued at $5.14 billion in Sportico's most recent valuations.
Anschutz, 81, owns the Los Angeles Kings and is the founder of entertainment giant AEG, which owns the Staples Center, home of the NBA's Lakers and Clippers as well as the NHL club.
The Buss Family Trust owns 66 percent of the Lakers. Jeanie Buss, the daughter of Dr. Jerry Buss, the late Lakers' owner, runs the franchise.
Walter and Boehly were part of the group to buy the Dodgers for $2 billion in May 2012.
Walter is also the CEO of Guggenheim Partners. Boehly is co-founder and chairman of Eldridge Industries, an investment firm with interests in DraftKings, Epic Games and Cloud9.
The Lakers have won 17 NBA championships but were eliminated in the first round of the playoffs this season by the Phoenix Suns in six games.