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,” according to a press release Wednesday officially announcing the sale of the Los Angeles Lakers to billionaire Mark Walter.

The Buss family has owned the Lakers since 1979, when the late Dr. Jerry Buss purchased them from previous owner Jack Kent Cooke. Dr. Buss' daughter, Jeanie Buss, who has been their governor for many years, issued a statement on the transaction on Wednesday.