The Buss family has agreed in principle to sell the Los Angeles Lakers, one of the most iconic sporting brands in the world, to financier Mark Walter in a deal that values the team at a global record $10 billion, league sources told The Athletic.

The organization welcomed a new principal owner into its mix on Wednesday, as venture capitalist Mark Walter agreed to a $10 billion deal to take control of the Jeanie Buss' majority stake in the franchise. She'll retain her responsibilities as the organization's governor.

For the first time since 1979, the Los Angeles Lakers changed majority ownership. Jeanie Buss and the Buss family sold their controlling stake to billionaire Mark Walter. This deal sets a new record for the largest sale in U.S. professional sports history. Despite the change in ownership, Buss will remain a key figure in the organization’s future.