The Buss family has owned the Lakers since 1979, when the late Dr. Jerry Buss purchased them from previous owner Jack Kent Cooke. Dr. Buss' daughter, Jeanie Buss, who has been their governor for many years, issued a statement on the transaction on Wednesday.

Dodgers controlling owner Mark Walter and Lakers president and controlling owner Jeanie Buss broke their silence Wednesday on a blockbuster deal that shocked many in and outside of the Los Angeles.A news release issued by Walter's team confirmed his acquisition of majority ownership stake of the Lakers,

The Los Angeles Lakers has confirmed Mark Walter will purchase a majority stake in the NBA franchise from the Buss family, a deal that values the team at a record $10 billion.