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.

LOS ANGELES – Lakers fans Thursday were adjusting to a future without full Buss family control after Jeanie Buss confirmed the storied NBA team’s record-setting $10 billion sale to businessman Mark Walter.