"Over the past decade, I have come to know Mark well—first as a businessman, then as a friend and now as a colleague," said Jeanie Buss in a press release.

Mark Walter is the majority owner of the Los Angeles Lakers after the NBA Board of Governors approved his purchase of a controlling stake from the Buss family.

"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.