The Buss family, architects of 11 NBA championships, is poised to relinquish their four-decade reign over the LA Lakers, with ESPN reporting they are entering an agreement to sell a majority stake in basketball's most glamorous franchise.

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.

Mark Walter, the owner of the Los Angeles Dodgers, is entering into an agreement to buy majority ownership of the Los Angeles Lakers, according to ESPN. Jeanie Buss will retain her role as the team's governor after the sale, according to the report.