The NBA officially announced on Thursday that it has formally approved TWG Global CEO and Chairman Mark Walter's acquisition of a majority stake in the Los Angeles Lakers. The deal, valued at up to $10 billion, is expected to close soon.

The Buss family has held a majority stake in the Lakers since Jerry Buss acquired the team for $67.5 million in 1979. They will retain a partial stake, reportedly around 15%, following the transaction. As for Jeanie Buss, the current honorary president and administrator of the Lakers, she will continue to oversee the team's day-to-day operations for the next five years.

Regarding the trade, NBA Commissioner Adam Silver commented: "Mark Walter has deep ties to the league. He has long held a minority stake in the Lakers and has been the principal shareholder of the WNBA's Los Angeles Sparks for over a decade. With Mark becoming the controlling shareholder of the Lakers, I have no doubt that he will be a responsible manager of the team and will make significant contributions to the league with his extensive experience in business and sports."

“I would also like to thank and congratulate Jeanie Buss and the Buss family for their outstanding leadership and dedication over the past 46 years. Although this historic transaction will transfer the majority stake held by the Buss family to others, I am pleased that Jeanie will continue to serve as the team president and remain actively involved in league affairs.”

This acquisition of the Lakers signifies a further expansion of Mark Walter's sports empire. In addition to the Lakers, he currently owns interests in numerous other sports organizations, including the Los Angeles Dodgers, the Los Angeles Sparks, Chelsea FC (English Premier League), Strasbourg FC (French Ligue 1), the Women's Hockey League, and the Cadillac Formula One team.

Following the trade, Walter stated, "The Los Angeles Lakers are one of the most iconic teams in sports, renowned for their exceptional history and relentless pursuit of greatness. Few teams possess a history and global impact comparable to the Lakers. It has been an honor to work alongside Jeanie Buss. Together, we will continue the Lakers' legacy of excellence on and off the court and set a new benchmark for success in this new era."

Jeanie Buss stated, "Over the past decade, I've come to know Mark better—first as a business partner, then as a friend, and now as a colleague. Time and again, he has demonstrated his determination to bring a championship to Los Angeles. On behalf of Lakers fans worldwide, I have high hopes for the team's future."

The NBA has officially approved Mark Walter's acquisition of the Lakers, with the deal valued at a staggering $10 billion.