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 Los Angeles Lakers will soon be under the direction of new ownership. Word surfaced on Wednesday that the Buss family, stewards of the Lakers franchise since 1979, have reached an agreement in principle to sell the team for $10 billion.

News of the Buss family’s decision to sell its majority stake in the Lakers to the Dodgers’ controlling owner is met with shock and excitement.