The Los Angeles Lakers will become the most expensive sports team in history with a valuation of $10bn (£7.5bn) after an agreement was reached to sell a controlling stake to TWG Global CEO Mark Walter.

The family is selling a majority stake for a valuation of $10 billion to Mark Walter, who had previously owned a minority stake in the team, a source told NBCLA.

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.