Buss family to sell remaining Lakers ownership stake

LOS ANGELES — The Buss family has decided to sell its remaining 17.8% ownership stake in the Los Angeles Lakers to incoming majority owners Josh Kushner and Bob Iger, ESPN reported.

The family trust, composed of Jeanie, Jim, Johnny, Janie, Joey and Jesse Buss, received enough votes to allow its trustees to execute the sale. Four of the six siblings were required to approve the decision.

The family exercised the tag-along provision connected to Mark Walter’s agreement to sell his controlling interest in the Lakers to Kushner and Iger. The transaction values the franchise at $12.5 billion, which would make it the most expensive sale of a U.S. professional sports franchise.

At that valuation, the Buss family’s remaining stake would be worth approximately $2.23 billion before taxes, fees and other potential adjustments.

“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 in a statement to ESPN. “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.”

Once the transaction is completed, Jeanie Buss will no longer have the required ownership percentage to remain the Lakers’ governor. NBA guidelines require a controlling owner or governor to own at least 15% of a franchise.

The development would bring an end to Buss’ leadership of the organization and officially close the family’s nearly five-decade ownership era.

Jerry Buss purchased the Lakers in 1979 as part of a $67.5 million transaction that also included the NHL’s Los Angeles Kings and The Forum. The Lakers won 10 championships during his tenure and grew into one of the most recognizable franchises in professional sports.

After Buss died in 2013, his ownership stake was placed in a family trust controlled by his six children. Jeanie Buss eventually became the Lakers’ controlling owner and governor following an internal family dispute in 2017.

The family sold its controlling interest to Walter in 2025 in a transaction that valued the Lakers at $10 billion. The NBA unanimously approved that deal in October, with the Buss family retaining more than 15% of the franchise and Jeanie remaining governor.

Walter agreed last week to sell his controlling interest to Kushner and Iger, beginning another rapid ownership transition.

Kushner founded investment firm Thrive Capital, while Iger is the former chief executive of Disney. The two previously explored becoming involved in a potential NBA expansion franchise in Las Vegas.

The transaction remains subject to approval by the NBA’s Board of Governors. 

Once finalized, the Lakers will move forward without a Buss family member as an owner or governor for the first time since 1979.