(Photo credit: Kirby Lee-Imagn Images)

The NBA Board of Governors unanimously approved the sale of the majority interest in the Los Angeles Lakers to Mark Walter on Thursday.

The league said the transaction is expected to close shortly. The $10 billion valuation makes it the largest sale in history for a professional sports franchise.

'Mark Walter has a long association with our leagues, having served as a minority owner of the Lakers and as the principal owner of the WNBA's Sparks for more than a decade,' NBA commissioner Adam Silver said. 'As Mark assumes his role as majority owner of the Lakers, I have no doubt that he will be a committed steward of the team and a great addition to our league given his many successful ventures in business and sports.'

The Buss family, which had owned a majority stake since 1979, will retain a roughly 15 percent stake in the team. Jeanie Buss will remain in her role as the club's governor for at least five years.

Jerry Buss, who died in 2013, originally purchased the Lakers for $67.5 million in a deal that included The Forum in Inglewood, Calif., and the NHL's Los Angeles Kings.

'I also want to thank and congratulate Jeanie Buss and the Buss family for 46 years of transformational leadership and service,' Silver said. 'While this historic transaction transfers the Buss family's majority interest in the Lakers, I am thrilled that Jeanie will remain the team's Governor and an active and engaged member of our league.'

Walter, 65, also holds controlling interest in MLB's Los Angeles Dodgers and the WNBA's Sparks.

Founded in 1947, the Lakers have made 32 trips to the NBA Finals and won 17 championships, second only to the Boston Celtics with 18.

'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. 'Few teams carry the legacy and global influence of the Lakers, and it's a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.'

Jeanie Buss will continue to oversee day-to-day team operations for the foreseeable future.

'Over the past decade, I have come to know Mark well -- first as a businessman, then as a friend and now as a colleague,' she said. 'He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.'

--Field Level Media