Mark Walter, the owner of the Los Angeles Dodgers, is entering into an agreement to buy majority ownership of the Los Angeles Lakers from the Buss family, according to ESPN. Jeanie Buss will retain her role as the team's governor after the sale,

The Buss family has agreed in principle to sell the Los Angeles Lakers, one of the most iconic sporting brands in the world, to financier Mark Walter in a deal that values the team at a global record $10 billion, league sources told The Athletic.

Walter was part of David Geffen's bid to buy the Los Angeles Clippers in 2014, when the team went for sale after former owner Donald Sterling was banned by the NBA for racist remarks. However, the team eventually went to Steve Balmer, who acquired the Clippers for $2 billion.