The Buss family is set to end its long-standing ownership connection with the Los Angeles Lakers after agreeing to sell its remaining 17.8% stake to the franchise’s new majority owners, Josh Kushner and Bob Iger. The decision was made Monday by the six children of late Lakers owner Jerry Buss, bringing an end to the family’s 47-year association with the 17-time NBA champions.
The sale is also expected to mark the end of Jeanie Buss’ tenure as Lakers governor. Jeanie, who took over the role in 2013 following her father’s death, will no longer meet the NBA’s 15% ownership requirement for governors once the transaction is completed.
Buss Family Ends 47-Year Lakers Ownership Run With Stake Sale
The Buss family has voted to sell its remaining 17.8% stake in the Los Angeles Lakers to the group led by new majority owners Josh Kushner and Bob Iger, bringing the family’s 47-year association with the franchise to an end. The decision was made by Jerry Buss’ six children and is also expected to end Jeanie Buss’ tenure as Lakers 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 family said. “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.”
The move follows a turbulent period for the Buss siblings, with disagreements over the team’s ownership and basketball operations intensifying since Jerry Buss died in 2013. Jeanie had led the family’s decision to sell a controlling stake to Mark Walter last year at a reported $10 billion valuation. Walter later agreed to sell the Lakers to Kushner and Iger for a reported $12.5 billion, with the new group expected to control roughly 83% of the franchise. Since NBA governors must own at least 15%, Jeanie is no longer expected to retain the position despite previously being allowed to continue through 2030.
How Jerry Buss Built the Lakers Into a Championship Powerhouse
The potential sale would close one of the longest family ownership chapters in major American sports. Jerry Buss bought the Lakers, Los Angeles Kings and The Forum in 1979 for $67.5 million, overseeing the franchise’s Showtime era and multiple championship runs. The Lakers later added five titles during Kobe Bryant’s career and won their 17th NBA championship with LeBron James in 2020. The transaction still requires approval from the NBA’s board of governors, a process that could take several months.
