The Buss family has agreed to sell majority ownership of the Los Angeles Lakers, one of the most storied franchises in all of sports, to Los Angeles Dodgers owner Mark Walter, a source familiar with the agreement told CNN.

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 Los Angeles Lakers will have new majority ownership, selling to Mark Walter, the CEO of TWG Global and controlling owner of the Dodgers.