THE LOS ANGELES LAKERS One of the iconic families in all of entertainment is moving on from owning one of sports' crown jewels. The Buss family sold its majority stake in the Lakers to Dodgers owner Mark Walter.

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’s decision to sell a controlling stake in the Los Angeles Lakers at a franchise valuation of $10 billion marks the end of nearly a half-century when one of the most valuable properties in the entire sports world was run by an eccentric father and his sometimes squabbling children.