The Buss family decided to sell the 17.8% they still had of the Los Angeles Lakers, an operation that will end their direct participation in the franchise and also Jeanie Buss' tenure as team governor. The shares will be acquired by the group led by Josh Kushner and Bob Iger, who are moving to become the new majority owners.
The transaction still needs approval from the NBA Board of Governors, so the change in ownership has not been completed. The next board meeting is scheduled for September 15-16 in New York.
Jeanie Buss has served as governor since 2013, when she took over following the death of her father, Jerry Buss. However, once the sale is completed, he will no longer have the percentage required by the NBA to retain that position. League rules state that majority owners or governors must control at least 15% of a franchise.
The decision was supported by all six members of the family trust: Jim, Johnny, Janie, Joey and Jesse Buss. Four votes were needed to activate the joint sale clause related to the transaction involving Mark Walter, Kushner and Iger.
“We have decided as a family to sell the remaining shares of the Buss family trust to the Bob Iger group as part of the ongoing transaction,” the family stated in a statement. “We love the Lakers and their fans, and we will continue to support Los Angeles, but it is time to take this opportunity to move forward and retire gracefully while we still can.”
A way out after years of family tensions
The new movement comes after a process that had already caused differences within the family. In June, the Busses had agreed to sell their stake to Walter at a valuation of $10 billion, which at the time represented a record for an American professional sports franchise.
Several of Jeanie's siblings were frustrated by that transaction and considered the sale to have been hasty. According to sources close to the process, some also felt pressure to support it. Ultimately, all six voted to continue with the transaction.
The deal with Walter closed at the end of October 2025 and each of the brothers received about $500 million after taxes. The agreement allowed Jeanie to remain as governor until 2030, but her brothers left their positions within the Lakers during the following months.
Before the NBA gives the final approval, Kushner will have to divest his minority stake in the Miami Heat. The Board of Governors will be in charge of formally approving the change of ownership, a procedure that could extend until its next meeting in New York.
Thus ends a golden era that began in 1979 with the winning leadership of Jerry Buss.
