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.

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 time, 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.

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.