The Buss family have agreed to sell a majority stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, the two parties confirmed on Wednesday, while adding that Jeanie Buss will remain governor of the storied NBA franchise.

Mark Walter's acquisition of the majority ownership stake of the Lakers, in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth quarter of this year

Many are still shocked and surprised that the Buss family is selling a majority share of the Lakers to Mark Walter.