The NBA Board of Governors unanimously approved the sale of the Lakers to Mark Walter on Thursday, in a deal valued at $10 billion, which, according to ESPN, the businessman finalized immediately afterward.

“Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner “of the WNBA’s Sparks for more than a decade,” NBA Commissioner Adam Silver said in a statement. Last June, Walter reached an agreement with the Buss family—owners of the team since 1979—to acquire a majority stake in the franchise for $10 billion. No other NBA team had maintained the same ownership group for so long. It should be noted that the sale of an NBA franchise requires approval from both the commissioner and the Board of Governors. The league added that the Buss family will retain a stake in the team and that Jeannie Buss will continue to serve as Lakers governor for at least five years after the transaction is completed. Walter also owns investments in Chelsea and the PWHL, the women's ice hockey league in the United States. Since 2021, the businessman already controlled 21% of the Lakers and had the right of first refusal to match any offer for the franchise. Jerry Buss acquired the team in 1979 for $67.5 million, in a deal that included the NHL's Los Angeles Kings and the former Los Angeles Forum arena. Following Buss's death in 2013, control of the organization passed to his children, with Jeanie Buss assuming leadership. Under the Buss family's management, the Lakers won 11 of their 17 NBA titles, establishing themselves as the most successful franchise of the period.