The Buss family has agreed to sell a majority stake of the Los Angeles Lakers to businessman Mark Walter in a deal that values the team at $10 billon, according to people with knowledge of the terms. The sale would mark a new record for NBA valuations. The Crypto.com Arena, where the Lakers play, is owned by AEG and is not included in the deal.

The Boston Celtics were the last NBA team to be sold when they struck a deal with a group led by Bill Chisholm earlier this year. The group purchased the Celtics for $6.05 billion, which set an NBA record. Controlling ownership of both the Phoenix Suns and Dallas Mavericks were sold in recent years, too.

The family is selling a majority stake for a valuation of $10 billion to Mark Walter, who had previously owned a minority stake in the team, a source told NBCLA.