The Los Angeles Lakers has confirmed Mark Walter will purchase a majority stake in the NBA franchise from the Buss family, a deal that values the team at a record $10 billion.

Mark Walter’s acquisition of the majority ownership stake of the 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 Los Angeles Lakers announced their majority ownership transition from the Buss family to Mark Walter in a record sale.