Detroit Lions' Martha Ford Steps Down As Owner, Daughter Takes Over Team

Detroit Lions owner Martha Ford -- who has been in charge since 2014 -- has stepped down from her role with the team ... and her daughter, Sheila Hamp, will take over.

94-year-old Ford took over the team after her husband, William Ford Sr. -- the last surviving grandchild of Henry Ford -- passed away.

"It has been a great honor for our family to be associated with the Lions and with the National Football League," Martha said in a statement Tuesday.

"I am gratified that this family tradition, which my husband and I began almost six decades ago, will continue under Sheila's guiding hand."

"It is clear to me that Sheila will provide superb leadership and is fully committed to competitive excellence and community involvement."

Sheila addressed her new role, saying, "My mother has inspired all of us since taking on leadership of the Lions over six years ago."

"She has been a tireless leader to our family, our team and our community. Her smart decisions have given me a solid foundation to take the team forward."

"On behalf of the family and the team, I want to thank her for her countless contributions. I look forward to leading the Lions to excellence on and off the field."

The Fords have owned the Lions since 1963 ... when William bought the team for $4.5 million.

The franchise is now worth around $1.95 BILLION, according to Forbes.

NFL commish Roger Goodell released a statement on the transition, saying, "We are pleased that the Ford family will continue to own and operate this historic franchise."