The sale of the majority stake of the Los Angeles Lakers franchise to Los Angeles Dodgers owner Mark Walter was announced Wednesday morning. However, the deal is still pending approval from the NBA Board of Governors,

The Los Angeles Lakers has confirmed Mark Walter will purchase a majority stake in the NBA franchise from the Buss family, a deal that values the team at a record $10 billion.

Businessman Mark Walter’s acquisition of the majority ownership stake of the Los Angeles Lakers, in a deal that puts the franchise valuation at $10 billion, is expected to close in the third or fourth quarter of this year.