The Buss family is set to end its nearly five-decade ownership connection to the Los Angeles Lakers after agreeing to sell its remaining 17.8% stake to new majority owners Josh Kushner and Bob Iger, according to sources.
The decision marks the final exit of the Buss family from the franchise after more than 40 years of ownership. The family’s trust, made up of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse Buss, secured the votes needed to authorize trustees to complete the transaction.
Four of the six family members had to approve the sale for the trust to exercise the tag-along provision connected to Mark Walter’s agreement to sell his controlling interest to Kushner and Iger.
The transaction values the Lakers at a record $12.5 billion, making the franchise the most highly valued team in professional sports. Kushner, a venture capitalist, and Iger, the former Disney chief executive, agreed to acquire Walter’s controlling stake earlier this month.
The Buss family first took control of the Lakers in 1979 under the late Jerry Buss. During their ownership, the franchise became one of the most successful and globally recognized teams in sports, winning multiple NBA championships and featuring legends including Magic Johnson, Kobe Bryant and LeBron James.
The sale also brings an end to Jeanie Buss’ tenure as the Lakers’ governor. NBA ownership rules require a governor to hold at least a 15% stake in a team, meaning she will no longer meet the ownership threshold once the family’s remaining shares are sold.
The Buss family said it plans to continue supporting the Lakers and their fans despite leaving the ownership group, describing the decision as an opportunity to move forward and exit the franchise on its own terms.
