Following unanimous approval from the NBA ‘s board of governors, billionaire Mark Walter has closed his acquisition of a majority stake in the Los Angeles Lakers in a deal worth an estimated $10 billion. Walter, CEO of Guggenheim Partners, also owns the L.A. Dodgers, among other holdings.

The Buss family, which has owned the Lakers since 1979, will retain a minority ownership stake in the team, and Jeanie Buss will remain governor of the club and continue to oversee day-to-day operations “for the foreseeable future,” per the team’s announcement.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said. “Few teams carry the legacy and global influence of the Lakers, and it

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