Businessman Mark Walter’s acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth quarter of this year.

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.

Both sides confirm that Jeanie Buss will remain governor of the franchise and continue to “oversee all team operations on a day-to-day basis for the foreseeable future.”