Buss Family to Sell Lakers Stake to New Owners

The Buss family has decided to sell its 17.8% minority ownership in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger. This decision marks the end of the family’s 47-year association with the NBA franchise, concluding Jeanie Buss’ tenure as the Lakers’ governor.

In a statement to ESPN, the Buss family expressed, “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. 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 has led the family since Jerry Buss’ passing in 2013. Last year, the family sold a controlling stake in the Lakers to Dodgers owner Mark Walter for $10 billion. Despite retaining a minority stake, not all six Buss siblings—Jeanie, Jim, Johnny, Janie, Joey, and Jesse—agreed on the deal. Joey and Jesse lost their front-office positions with the team in November.

Family conflicts arose following Jerry Buss’ death. Jeanie fired Jim as head of basketball operations in 2017 and filed a lawsuit against her brothers when Jim and Johnny attempted to remove her as the controlling owner.

Earlier this month, Walter, facing a federal tax investigation, quickly agreed to sell the Lakers to Kushner and Iger, valuing the team at $12.5 billion, a record for a professional sports team. Kushner and Iger purchased about 65% of the team from Walter, increasing their stake to approximately 83%. Consequently, Jeanie Buss may not continue as governor, as governors must control at least 15% of team ownership.

Jerry Buss, originally a chemist and real estate investor, acquired the Lakers, the NHL’s Los Angeles Kings, and the Forum arena from Jack Kent Cooke in 1979 for $67.5 million. The Lakers became known for their “Showtime” era, winning five NBA titles between 1980 and 1988 under the leadership of Magic Johnson and Kareem Abdul-Jabbar. Despite the corporate trend in professional sports, the Lakers maintained a family business atmosphere. Kobe Bryant led them to five more championships between 2000 and 2010 before LeBron James added the 17th in 2020.

The sale still requires approval from the NBA’s board of governors, which may take several months to complete.