The Buss family, the longtime owners of the Los Angeles Lakers, has agreed to sell a majority ownership stake in the basketball franchise to Los Angeles Dodgers owner and Guggenheim Partners LLC chief executive officer Mark Walter,

Jerry Buss first purchased the Lakers in 1979 for $67.5 million in a deal that also included the NHL's Los Angeles Kings and The Forum in Inglewood, California. The franchise passed down to his children after he died in 2013. The Buss family has owned about two-thirds of the Lakers prior to this sale.