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.

The Buss family’s decision to sell a controlling stake in the Los Angeles Lakers at a franchise valuation of $10 billion marks the end of nearly a half-century when one of the most valuable properties in the entire sports world was run by an eccentric father and his sometimes squabbling children.