Jeanie Buss will remain Lakers' governor despite sale of team

In a stunning turn of events, Mark Walter, the majority owner of the Los Angeles Lakers, agreed to sell his stake in the franchise to Josh Kushner and Bob Iger on Wednesday. Walter had officially purchased his stake this past October, which means there could be yet another transition period in store for the organization.

When Walter purchased his share from the Buss family, which had owned the team since 1979, an agreement was made that Jeanie Buss, who had been the Lakers' governor, would remain in that role for at least five more years. In addition, it was agreed that Rob Pelinka would remain in place as general manager.

Iger said that Buss and Pelinka will still remain in their respective roles, via Khobi Price of the California Post.

“We have enormous respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise,” Iger said. “And we have every intention to honor the agreement that was made between Mark and Jeanie. If things change, they’ll change, but we’re going into this with enormous respect and appreciation for who she is and what she represents in the organization.”

In addition, the Buss family will reportedly hold on to the minority share of the Lakers it had retained following Walter's purchase last year, per Ramona Shelburne of ESPN.

This sale agreement is only for Mark Walter’s shares, not the Buss family’s remaining shares. https://t.co/IMvaW0Iolr

Under Walter, the Lakers were becoming, in the minds of many, "modernized" in terms of bringing in multiple new people into their front office to handle various roles. In May, for instance, Rohan Ramadas, who was described as "a literal rocket scientist" by one source, was hired to be an assistant general manager. Tony Bennett, a very successful college basketball coach, was also brought in to be a draft adviser.

This article originally appeared on LeBron Wire: Jeanie Buss will remain Lakers' governor despite sale of team