The majority stake of the Los Angeles Lakers basketball franchise is being sold in what will mark the most expensive sale of a US sports team in history, according to a source familiar with the deal.

The Buss family has owned the team - one of the most iconic in sports globally - since 1979 and now has made a deal with TWG Global CEO Mark Walter, the source said.

The sale is reportedly worth an estimated $10 billion (£7.45bn) - though it could increase once finalised.

Mr Walter also has a controlling stake in the Los Angeles Dodgers, the professional US baseball team that won the World Series last year.

The BBC has contacted the Lakers for comment.

A spokesperson for Mr Walter's company confirmed the billionaire financier was in the midst of a deal with the Lakers.

"Mark Walter is entering into an agreement to acquire additional interests in the NBA's Los Angeles Lakers, of which he has been a stakeholder since 2021," the spokesperson said.

In 2021, Mr Walter became a co-owner of the team with a 20% stake. He has investments with various sports teams globally, including the Chelsea Football Club and the Cadillac Formula 1 Team, which is set to enter racing in 2026.

The deal comes after the March sale of the Boston Celtics basketball team to Bill Chisholm for $6.1 billion - which at that time was dubbed the priciest sale of a US sports franchise. It had surpassed the 2023 sale of the Washington Commanders American football team for $6.05 billion.

US media reported Wednesday that the National Basketball Association team's valuation is at least $10 billion. Its sale will surpass those record-breaking deals by about $4 billion.

Jerry Buss bought the team in a $67.5 million deal in 1979 that included the Los Angeles Kings hockey team and a Los Angeles arena, known as the Kia Forum.

Since that year, the Lakers have won more championship titles than any other NBA team. They've appeared at the NBA Finals 17 times under the Buss family ownership and won the championship 11 times.

The team - currently led by superstar LeBron James - made it to the playoffs the last three seasons but was eliminated.

After Mr Buss died in 2013, ownership was passed to his six children in a trust. The family owns a 66% stake in the franchise.

Jeanie Buss has served as the Lakers' governor since that time - a position she's reportedly going to keep under the terms of the sale to Mr Walter.

The Los Angeles Times reports the trust required the majority of the six children to agree on any sale of the team.

Lakers legend Magic Johnson, who previously owned a stake in the team, said fans should be ecstatic about the sale and that Mr Walter will carry on the team's legacy - noting his ownership of the Dodgers led to a World Series win.

"I just talked to my sister Jeanie Buss to tell her congratulations, and that I'm so happy for her and family," Mr Johnson said on X.

"She's witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans!" he said in another post. "Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community!"