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.

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.”

Jerry Buss, Jeanie's father, originally purchased the franchise in 1979, and the family has remained in control of the team for the last 46 years. Walter purchased a minority stake in 2021 before last week's agreement to acquire the majority stake for a franchise valuation of approximately $10 billion.