LOS ANGELES (CNS) — Philip Anschutz is selling his minority stake in the Los Angeles Lakers to two of the owners of the Los Angeles Dodgers, according to multiple reports Saturday.

Anschutz, who owns Staples Center, the Kings and Galaxy and is the founder of AEG, will sell his 27% stake in the NBA team to Mark Walter and Todd Boehly. The reported approximately $1.35 billion Walter and Boehly paid for Anschutz's share of the team would give it a total estimated value of about $5.14 billion.

The Buss family holds the majority stake in the team.

The deal was first reported by Sportico, and was later reported by the Los Angeles Times.

Neither the Lakers nor Dodgers have confirmed the deal, which still requires approval from the NBA Board of Governors. There was no immediate response to emails to the Lakers and Dodgers seeking comment on the report.

Walter and Boehly are part of Guggenheim Baseball Management, the ownership group that was formed to acquire the Dodgers from Frank McCourt in 2012. The group also includes former Lakers great Earvin "Magic" Johnson.