The Buss family has agreed to sell majority control of the Los Angeles Lakers, valuing the franchise at a record-setting $10 billion.

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.

"The Buss family is entering an agreement to sell majority ownership of the Los Angeles Lakers to Mark Walter, the CEO and chairman of diversified holding company TWG Global," Charania wrote. "Jeanie Buss will continue to serve in her role as Governor after the sale.