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.

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

The Buss family, architects of 11 NBA championships, is poised to relinquish their four-decade reign over the LA Lakers, with ESPN reporting they are entering an agreement to sell a majority stake in basketball's most glamorous franchise.