The Los Angeles Lakers will become the most expensive sports team in history with a valuation of $10 billion (£7.45 billion) after an agreement was reached to sell a controlling stake to TWG Global CEO Mark Walter.

Guggenheim Partners CEO Mark Walter, who also owns Major League Baseball’s Los Angeles Dodgers, is acquiring the storied NBA team in a move that makes it the world’s most valuable sports franchise.

After 46 years of ownership, the Buss family agreed to sell a controlling interest in the Los Angeles Lakers to Mark Walter, CEO of Guggenheim Partners. It's the end of an era for the Lakers, and the continuation of a pro sports dynasty in Southern California.