The Buss family — owners of the Los Angeles Lakers since the late Dr. Jerry Buss purchased the team in 1979 — has agreed to sell its majority stake in the franchise at a record $10 billion valuation, making this the most expensive sale of a U.S. professional sports team to date.

Surprisingly, Jeanie Buss’ family plans to sell the Los Angeles Lakers to Mark Walter, a successful CEO and chairman of TWG Global, for $10 billion. While there’s a good chance that there was initial confusion about how the deal materialized, ESPN’s Brian Windhorst broke it all down on his ‘Brian Windhorst & The Hoop Collective podcast.’

For the first time since 1979, the Los Angeles Lakers changed majority ownership. Jeanie Buss and the Buss family sold their controlling stake to billionaire Mark Walter. This deal sets a new record for the largest sale in U.S. professional sports history. Despite the change in ownership, Buss will remain a key figure in the organization’s future.