New York, New York - The NBA's board of governors has formally approved the sale of the Los Angeles Lakers to billionaire Mark Walter, the league said Thursday.

The NBA said the final completion of the deal, which will see Walter take a majority interest in the Lakers from Jeanie Buss, is expected "shortly".

"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," NBA commissioner Adam Silver said in a statement.

The Lakers announced in June that Walter had agreed to a sale with owner Jeanie Buss, whose family has controlled the franchise since 1979, in a $10 billion deal that makes the Lakers the highest-valued team in US sports history.

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Buss will remain the Lakers' governor for a period of "at least five years" following the deal, the NBA confirmed Thursday.

"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," Silver added.

Walter is the chief executive of holding company TWG Global, which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea.

TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team, and Walter was already a minority owner of the Lakers.

His acquisition of the Lakers marks the end of an era in the NBA, whose modern popularity owes much to the franchise's 1980s heyday.

The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognized brand.

The Buss era brought the Lakers 11 NBA championships – more than any other team over the same period – and encompassed golden ages which included the "Showtime" Lakers of Magic Johnson, as well as a hat-trick of championships between 2000 and 2002 when the team was spearheaded by Kobe Bryant.