The Buss family has voted to relinquish its remaining 17.8% minority interest in the Los Angeles Lakers to an incoming ownership group fronted by venture capitalist Josh Kushner and former Disney executive Bob Iger. The decision by the six children of late patriarch Jerry Buss brings a definitive end to the family’s 47-year tenure with the storied NBA franchise. By triggering a tag-along provision attached to a transaction valued at $12.5 billion, at least four of the six siblings voted to approve the sale.
In an official public statement, the family reflected on their departure from the organization: “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 Buss 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 transaction marks the end of Jeanie Buss’s tenure as the franchise’s governor, a position she has held since her father’s death. National Basketball Association bylaws stipulate that a team governor must retain at least a 15% equity interest in the team, a threshold she will no longer meet following the divestment. Although a previous ownership arrangement with Mark Walter would have permitted her to remain in her leadership position through 2030, the recent restructuring prompted the family trust to execute an outright sale instead.
This latest transaction follows a turbulent period of executive restructuring and intra-family conflict after Jerry Buss originally purchased the team in 1979. Walter had acquired a controlling stake in the team at a $10 billion valuation, but swiftly agreed to flip his majority holdings to Kushner and Iger. Incorporating the Buss family’s remaining percentage will expand the Kushner and Iger group’s collective ownership stake in the Lakers to approximately 83% once the league’s Board of Governors grants formal approval.
Editorial credit: Mehaniq / Shutterstock.com
