Buss Family Sells Lakers Stake, Jeanie Buss Steps Down
The Buss family sells its remaining stake in the Lakers to Josh Kushner and Bob Iger, ending Jeanie Buss's tenure as governor.
The update
The Buss family has decided to sell its remaining 17.8% ownership stake in the Los Angeles Lakers to Josh Kushner and Bob Iger. The sale, valued at $12.5 billion, ends the family’s control over the franchise. As a result of the transaction, Jeanie Buss will no longer hold the required ownership percentage to serve as the team’s governor, a role she has held since 2013.
Why it matters
This sale marks a significant shift in the NBA landscape, ending the Buss family’s 57-year era of ownership. The move comes after a complex internal process involving the Buss family trust and a tag-along provision tied to a previous sale of the team. The family stated they are exiting “gracefully while we still can,” signaling a desire to move on from the franchise despite their long history with it.
What to watch
- New ownership vision: It remains to be seen how Josh Kushner and Bob Iger will approach the team’s operations and long-term strategy.
- Internal dynamics: Sources indicate disagreements among siblings about the sale process, which may continue to play out publicly.
- Regulatory approval: The sale requires approval from the NBA Board of Governors, which is a standard step in such high-profile transactions.
