The Buss family has decided to sell its minority ownership of the Los Angeles Lakers. New majority ownership will go to Josh Kushner and Bob Iger, according to ESPN and The Athletic.
This decision marks the end of the Buss family’s 47-year ownership of the 17-time NBA champions. It also signals the conclusion of Jeanie Buss’ time as the team’s governor.
“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the Buss family stated. “We love the Lakers, Laker fans and will continue to support Los Angeles, but it is time to use this opportunity to move on and exit gracefully while we still can.”
Jeanie Buss, who took over as governor after Jerry Buss’ death in 2013, led the family’s move to sell a controlling stake to Mark Walter last year. This was valued at $10 billion. However, not all six siblings—Jeanie, Jim, Johnny, Janie, Joey, and Jesse—agreed with the deal. Joey and Jesse lost their front-office positions with the team last November.
The family faced internal conflict after Jerry Buss’ death. This included Jeanie firing Jim from his head of basketball operations role in 2017. This was followed by a lawsuit concerning Jim and Johnny’s attempt to remove Jeanie as controlling owner.
Walter, who faces a federal investigation for tax issues, struck a deal to sell the Lakers to Kushner and Iger. This set a new valuation record of $12.5 billion for a sports team. Kushner and Iger are to own about 83% of the franchise.
Jeanie Buss had been allowed to maintain her role through 2030 under the Walter deal. Iger affirmed the new group intended to honor this. However, NBA rules require governors to control at least 15% of team ownership, complicating her continued role.
Jerry Buss was renowned as a chemist and real estate investor. He purchased the Lakers, NHL’s Los Angeles Kings, and the Forum arena for $67.5 million in 1979. The Lakers thrived with their “Showtime” play style, winning five NBA titles by 1988 with Magic Johnson and Kareem Abdul-Jabbar.
Despite the increasing corporatization of sports, the Lakers maintained a family-oriented approach. They employed top basketball talent over five decades, including Kobe Bryant, who led them to five more titles between 2000 and 2010. LeBron James added the 17th title in 2020.
The sale agreement requires NBA board of governors’ approval, which may extend over several months.