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The NBA board of governors unanimously approved Mark Walter’s bid to buy a majority stake in the Lakers on Thursday, the league announced, marking a major shift for one of L.A.’s most significant sports teams.

The Lakers had been a family-run team since Dr. Jerry Buss bought the franchise in 1979. When he died in 2013, control went into a family trust with daughter, Jeanie Buss , acting as the team’s governor. The Buss family built the team into one of the most recognizable brands in sports, eventually attracting a record-breaking $10 billion valuation. While the sale was approved, Jeanie Buss will remain the team’s governor for at least five years after the transaction offi

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