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.

What we know:

The ownership change comes as the Lakers enter a new era under their new star, Luka Dončić. The international superstar reportedly was involved in the Lakers' offseason moves, including bringing Deandre Ayton and Marcus Smart to LA.

Walter's acquisition of the team was formally announced by the NBA and Lakers on Thursday morning.

Dr. Jerry Buss purchased the team in 1979 and following his passing, the torch was passed down to

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