The Buss family's four-decade run as majority owner of the Los Angeles Lakers is ending as the NBA approved the sale of the team to Mark Walter.

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LOS ANGELES - In one of the biggest sales in sports history, the NBA Board of Governors officially approved the sale of the Los Angeles Lakers to Mark Walter, it was announced Thursday. Walter, CEO of Guggeneheim Partners, is also the co-owner and chairman of the Dodgers, who are currently fighting for back-to-back World Series championships.

Mark Walter has closed his acquisition of a majority stake in the Los Angeles Lakers in a deal worth an estimated $10 billion.

Billionaire Mark Walter has been confirmed as the new majority owner of the Los Angeles Lakers by the NBA. Walter was unanimously approved by the NBA Board of Governors on Thursday before immediately closing on the purchase of the franchise from the Buss family at a reported $10bn valuation.

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The NBA announced on Thursday that the board of governors unanimously approved Walter's purchase of the Lakers from the Buss family, with Ramona Shelburne of ESPN reporting that Walter closed on the sale of the team after being approved by the league.

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