Buss Family to Sell Remaining Lakers Stake to Josh Kushner and Bob Iger

The Buss family, which has governed the Los Angeles Lakers for nearly five decades, has voted to sell its remaining 17.8% minority stake in the franchise to Josh Kushner and Bob Iger, marking the end of an era for the 17-time NBA champions. The deal, reported by multiple outlets, will grant Kushner and Iger a combined 83% ownership of the Lakers, effectively cementing their control over the team. The transaction follows a contentious family vote and raises questions about the future of Jeanie Buss, the Lakers’ governor, whose role will end under NBA rules requiring owners to hold at least 15% of a team.

The Buss family’s decision to sell its stake came after a series of high-profile moves, including the abrupt $12.5 billion sale of the Lakers by current owner Mark Walter to Kushner and Iger just weeks prior. Walter, who purchased the team in 2025 for $10 billion, faced federal scrutiny over alleged tax violations, prompting speculation about the timing of the sale. The Buss family’s trust, comprising Jerry Buss’ six children, voted to approve the sale, though not all siblings supported the move. Jeanie Buss, who had previously led the family’s decision to sell a controlling stake to Walter, was the sole sibling to oppose the final transaction, according to reports.

The sale will conclude the Buss family’s 47-year tenure as owners of the Lakers, a franchise founded by Jerry Buss in 1979. The family’s decision to exit comes amid internal strife, including lawsuits, firings, and power struggles. In 2023, Jeanie Buss fired her brothers Jim and Johnny from their roles in the Lakers’ basketball operations, citing disagreements over team management. Earlier this year, Joey and Jesse Buss were also dismissed from their positions, reportedly due to their resistance to selling the family’s majority stake to Walter. The siblings’ conflicts, exacerbated by differing visions for the team’s future, ultimately led to the decision to sell the remaining shares.

Jeanie Buss’s exit as the Lakers’ governor is a direct consequence of the sale. Under NBA regulations, governors must own at least 15% of a team, a threshold she will no longer meet after divesting her stake. The move was framed by the Buss family as a strategic decision to “exit gracefully” while retaining their legacy. In a statement, 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 sale’s financial implications are significant. The Lakers, valued at $10 billion in January, are now worth $12.5 billion, reflecting the team’s growing market dominance. For the Buss family, the deal ensures individual gains exceeding their father’s original $67.5 million purchase price for the Lakers, the NHL’s Kings, and the Forum arena in 1979. However, the transaction also underscores the challenges of maintaining family control in a rapidly evolving sports landscape. As billionaire owners like Walter and now Kushner and Iger consolidate power, the Buss family’s legacy as a “family business” fades, replaced by corporate interests.

The NBA’s board of governors must still approve the sale, a process that could take months. Meanwhile, the transition raises questions about the future of the Lakers under Kushner and Iger. The duo, who previously acquired a 65% stake from Walter, now face the task of integrating the team’s operations while navigating the legacy of its former owners. For Jeanie Buss, the sale marks the end of a chapter she once deemed unthinkable. In a 2014 interview, she had declared, “We’re committed to doing that [keeping the team forever].” Her decision to sell now reflects a shift in priorities, driven by financial realities, family discord, and the pressures of modern sports ownership.

The Buss family’s departure from the Lakers signals a broader trend in professional sports, where family-run franchises increasingly give way to wealthy investors. For the Lakers, the sale ensures continued financial stability but also raises concerns about the loss of a unique cultural identity. As the team enters a new era, the question remains: will the “Showtime” legacy endure, or will it be redefined by the ambitions of its new owners?