The sale of the Los Angeles Lakers to billionaire Mark Walter is expected to close later this year in a deal that will see Jeanie Buss remain governor of the club "for the foreseeable future," Walter and Buss announced on Wednesday.

The Buss family have agreed to sell a majority stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, the two parties confirmed on Wednesday, while adding that Jeanie Buss will remain governor of the storied NBA franchise.

Mark Walter, chairman and CEO of TWG Global, a diversified holding company spanning the worlds of financial services, insurance, AI, and related technologies, has reached an agreement with the Buss Family Trust to acquire a majority stake in the NBA’s Los Angeles Lakers.