Anschutz Corp. chairman and CEO Philip Anschutz reached a deal to sell his 27% stake in the Los Angeles Lakers, sports business publication Sportico reported.

The identity of the buyer isn’t clear and the proposed sale hasn’t been approved by the NBA Board of Governors, the report said.

The Lakers franchise is valued at $5.1 billion, the third-most valuable in the NBA, according to Sportico valuations.

Anschutz’s 27% stake in the Lakers is the second-largest behind the Buss family. The 81-year-old has a net worth of $15.8 billion, according to the Bloomberg Billionaires Index.