The Los Angeles Lakers may be under new ownership, but the Buss family will still have a prominent role.

A week after news emerged that Mark Walter was purchasing controlling interest of the Lakers for a record-setting $10 billion, the two sides came together to make clear that Jeanie Buss would “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 press release sent out Wednesday officially announcing the sale of the Lakers, Walter — chairman and CEO of TWG Global and a minority owner of the team since 2021 — recognized what the Buss family has built since Jerry Buss acquired the team in 1979 and “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,” added Walter, who is also the controlling owner of the Los Angeles Dodgers, “and I’m excited to work with her on the next era.”

According to reports, Jeanie Buss is expected to remain in her position for “years,” while the sale is expected to close by the third or fourth quarter of 2025, pending NBA approval.