Philip Anschutz has reached an agreement to sell his stake in the Los Angeles Lakers of 27 percent to Mark Walter and Todd Boehly. Walter and Boehly also own the Los Angeles Dodgers. 

AEG Chief Executive Officer Dan Beckerman in an interview said the proposed transaction “is part of some financial planning and redeployment of capital to other AEG projects and growth initiatives,” specifically mentioning venues, real estate, ticketing and live entertainment projects around the globe.

Anschutz's stake is the second largest behind the Buss family's 66 percent and his shares also carry a right of first refusal on any wider controlling sale and will be transferred to the new owners. 

Anschutz is 81 and worth $15.8 billion. 

AEG owns and operates the Staples Center, where the Lakers recently extended their lease through 2041.

The Lakers were recently valued at $5.14 billion.