The Buss family—owners of the Los Angeles Lakers since the late Dr. Jerry Buss purchased the team in 1979— have agreed to sell their majority stake in the franchise at a record $10 billion valuation, making this the most expensive sale of a U.S. professional sports team to date.

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.

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 US — the most ever for a professional sports franchise.