The NBA Board of Governors unanimously approved the sale of the majority interest in the Los Angeles Lakers to businessman Mark Walter, the league said Thursday.

The transaction is expected to close soon, which would mark a significant change for a storied franchise that has been majority owned by the Buss family since 1979. The Buss family will retain an ongoing interest and Jeanie Buss will still be the team's governor for at least five years after the transaction closes, the league statement said.

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Billionaire businessman, investor and philanthropist Walter is the controlling owner of the Los Angeles Dodgers, which he purchased in 2012. He's also the owner of the Professional Women's Hockey League and CEO of G

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