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

The Buss family's decision to sell a controlling stake in the Los Angeles Lakers at an eye-popping franchise valuation of $10 billion marks the end of nearly a half-century when one of the most valuable properties in the sports world was run by an eccentric father and his sometimes squabbling children.

Dodgers owner Mark Walter will assume a controlling interest of the team; Jeanie Buss will remain in the governor role