The sale of the Los Angeles Lakers to billionaire Mark Walter is expected to close later this year in a deal that will see Jeanie Buss remain governor of the club "for the foreseeable future," Walter and Buss announced on Wednesday.

Both sides confirm that 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.”

The Buss family have agreed to sell a majority stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, the two parties confirmed on Wednesday, while adding that Jeanie Buss will remain governor of the storied NBA franchise.