The Los Angeles Lakers will become the most expensive sports team in history with a valuation of $10 billion (£7.45 billion) after an agreement was reached to sell a controlling stake to TWG Global CEO Mark Walter.

The Los Angeles Lakers’ longtime owners have reportedly agreed to sell the team to another LA sports magnate in a deal estimated to be worth $10 billion.

For the first time in more than 45 years, a member of the Buss family will not be the majority owner of the Los Angeles Lakers. The Buss family has agreed to sell the majority ownership stake in the team to the principal owner of the Los Angeles Dodgers for $10 billion.