Tulsa businessman George B. Kaiser is the newest co-owner of the Oklahoma City Thunder after buying out the ownership interest of Tom Ward.

Thunder Chairman and CEO Clayton I. Bennett announced the changes Friday after Kaiser received approval from the NBA Board of Governors to buy the stake in The Professional Basketball Club LLC, which owns the Oklahoma City basketball franchise.

“We are honored to welcome George Kaiser as a member of the ownership group of the Oklahoma City Thunder,” Bennett said in a statement Friday. “George is a well-respected and important Oklahoma business leader, as well as one of the state and nation’s top philanthropists. His commitment to successful business and community leadership is in true alignment with that of the Thunder.

“I also appreciate the commitment and leadership provided by Tom Ward as a member of our ownership group from the beginning.”