Following unanimous approval from the NBA‘s board of governors, billionaire Mark Walter has closed his acquisition of a majority stake in the Los Angeles Lakers in a deal worth an estimated $10 billion. Walter, CEO of Guggenheim Partners, also owns the L.A. Dodgers, among other holdings.

The Buss family, which has owned the Lakers since 1979, will retain a minority ownership stake in the team, and Jeanie Buss will remain governor of the club and continue to oversee day-to-day operations “for the foreseeable future,” per the team’s announcement.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” Walter said in a statement. “Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

The Lakers were founded in Minneapolis in 1947, moved to Los Angeles ahead of the 1960-61 season, and were bought by Dr. Jerry Buss in 1979. The team has reached the NBA postseason 65 times, including 32 trips to the Finals and 17 championships. The Lakers play their home games at Crypto.com Arena in downtown L.A. and practice at the UCLA Health Training Center in El Segundo.

Jeanie Buss in 2020 became the first female controlling owner of an NBA championship team.

“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend and now as a colleague,” Jeanie Buss in a statement. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”

Walter is chairman and CEO of TWG Global, a diversified holding company that spans financial services; insurance; AI and related technologies; sports, media and entertainment; lending and corporate finance; and merchant banking.

In addition to his majority stake in the Lakers, Walter holds controlling interests in MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, as well as stakes in Chelsea F.C. Meanwhile, TWG Global also holds a majority stake in the Cadillac Formula 1 Team, owns the Professional Women’s Hockey League, and has a substantial investment in the Billie Jean King Cup, the women’s World Cup of Tennis.

Outside his business interests, Walter also serves as a trustee of Creighton University, Northwestern University, the Explorers Club, the Field Museum and the Solomon R. Guggenheim Foundation.

In the Lakers transaction, BofA Securities and Guggenheim Securities served as financial advisers for Walter, with Davis Polk & Wardwell LLP acting as legal adviser.