Jeanie Buss will “remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future,” according to a news release Wednesday officially announcing the sale of the Los Angeles Lakers to billionaire Mark Walter.

The announcement, which comes a week after Walter agreed to purchase controlling interest in the Lakers at a record-setting $10 billion valuation, solidifies Buss’ planned role to remain in charge of the franchise.

The plan is for Buss to remain in the position for “years,” according to sources familiar with the agreement. The release also says the sale is expected to close in the third or fourth quarter of 2025 pending NBA approval.

“The Buss family is deeply honored to have looked after this incredible organization for almost half a century,” Buss said in the release, her first comments since the sale. “From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning – relentlessly – and to doing so with passion and with style.

“I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”

The sale to Walter, who is also the controlling owner of the Los Angeles Dodgers, was approved by a majority vote from Buss and her siblings.

Walter has transformed the Dodgers into one of baseball’s best franchises by infusing capital into the payroll and the team’s infrastructure.

“The Lakers have long been one of the most iconic franchises in sports,” Walter said in the statement. “Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.

“I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere. I also have tremendous respect for Jeanie’s continued commitment to maintaining the Lakers’ long-term vision and elite status, and I’m excited to work with her on the next era.”