The family is selling a majority stake for a valuation of $10 billion to Mark Walter, who had previously owned a minority stake in the team, a source told NBCLA.

Jeanie Buss will still have a role with the Lakers, but the Buss family have reached an agreement to sell majority ownership to Mark Walter.

The Buss family has agreed to sell the controlling stake of the Los Angeles Lakers to TWG Global CEO Mark Walter, doing so with a franchise valuation of $10 billion — the most ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday.