The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO and Los Angeles Dodgers owner Mark Walter, doing so with a franchise valuation of $10 billion — the most ever for a professional sports franchise,

The Los Angeles Lakers will have new majority ownership, selling to Mark Walter, the CEO of TWG Global and controlling owner of the Dodgers.

Mark Walter, the owner of the Los Angeles Dodgers, is entering into an agreement to buy majority ownership of the Los Angeles Lakers, according to ESPN. Jeanie Buss will retain her role as the team's governor after the sale, according to the report.