Mark Walter is the new owner of the Los Angeles Lakers, purchasing the franchise for $10 billion. Walter is also the owner of the Los Angeles Dodgers and has helped the organization dominate in MLB.

The organization welcomed a new principal owner into its mix on Wednesday, as venture capitalist Mark Walter agreed to a $10 billion deal to take control of the Jeanie Buss' majority stake in the franchise. She'll retain her responsibilities as the organization's governor.

The team, a family-run business since Dr. Jerry Buss purchased the franchise in 1979, will be sold to Dodgers controlling owner Mark Walter and TWG Global.