LOS ANGELES (KTLA) 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.

According to multiple reports, the Buss family, led by the team’s primary caretaker Jeanie Buss, has agreed to sell the majority ownership stake in the team to the principal owner of the Los Angeles Dodgers. The family is doing so with a franchise valuation of $10 billion the most ever for a professional sports franchise a person with knowledge of the agreement told the Associated Press.

The new majority owner of the team will be Mark Walter, CEO of TWG Global, a conglomerate with various financial business interests, as well as ownership in several of the world’s most valuable sports franchises.

Walter had a minority ownership stake in the team for several years, but will now assume primary ownership of one of the world’s most recognizable and important sports brands.

Jeanie Buss will remain in her current role as the team’s governor, serving as the chief decision-maker for the time being, according to ESPN.

The Lakers were purchased in 1979 by Jerry Buss, the family patriarch, who leveraged his vast real estate holdings to buy the beleaguered team at a nadir in its relevance and profitability.

In the decades that followed, Jerry, alongside important figures such as Phil Jackson, Jerry West, and Pat Riley, transformed the franchise into a global powerhouse and one of the most successful sports franchises in North America.

The team has achieved consistent success under the Buss family’s stewardship, including 10 NBA Titles under Jerry Buss and an 11th under the current regime.

The Lakers have collected stars under the Buss ownership period, including Kareem Abdul-Jabbar and Magic Johnson of the “Showtime Lakers” era, Shaquille O’Neal, Kobe Bryant and Pau Gasol in the 2000s renaissance period, and the current roster which includes the league’s all-time leading scorer LeBron James and Luka Doncic, one of basketball’s greatest young stars.

While having near-unprecedented success in one of the nation’s most desirable markets, the Buss family was one of the less financially powerful ownership groups in the NBA, with the vast majority of their fortune coming from the value of the team itself.

Walter, meanwhile, is a multibillionaire with vast financial resources at his disposal. Lakers fans are already salivating at the thought of a new, aggressive owner with money to burn taking the reins of the team as NBA free agency is set to open in the coming weeks.

The NBA Draft takes place on June 25-26, and the free agency signing window opens July 6.

Walter also has ownership interests in the Los Angeles Sparks WNBA team and a Formula 1 racing team.