The Buss family has agreed to sell a majority stake of the Los Angeles Lakers to businessman Mark Walter in a deal that values the team at $10 billon, according to people with knowledge of the terms. The sale would mark a new record for NBA valuations. The Crypto.com Arena, where the Lakers play, is owned by AEG and is not included in the deal.

The Boston Celtics were the last NBA team to be sold when they struck a deal with a group led by Bill Chisholm earlier this year. The group purchased the Celtics for $6.05 billion, which set an NBA record. Controlling ownership of both the Phoenix Suns and Dallas Mavericks were sold in recent years, too.

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 — the most ever for a professional sports franchise, a person with knowledge of the agreement said Wednesday.