The NBA Board of Governors unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter on Thursday.

The league said the transaction is expected to close shortly. The $10 billion valuation makes it the largest sale in history for a professional sports franchise.

“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. “As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.”

The Buss family, which had owned a majority stake since 1979, will reta

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