The Buss family is set to end its long association with the Los Angeles Lakers after agreeing to sell its remaining stake in the NBA team.
According to ESPN, the family is selling its remaining 17.8% ownership stake to new owners Josh Kushner and Bob Iger. The deal marks a major change for one of the most famous franchises in professional basketball.
The sale also means that Jeanie Buss will no longer meet the NBA’s minimum ownership requirement to remain the team’s governor. Under league rules, a team governor must own at least 15% of the franchise.
Jeanie Buss to Leave Leadership Role
Jeanie Buss has served as the Lakers’ controlling owner and governor since 2013, following the death of her father, Jerry Buss.
During her time as governor, she played an important role in the team’s operations and continued her family’s long connection with the Lakers. Her leadership included a championship season in 2020, when the Lakers won the NBA title.
However, after the sale of the family’s remaining stake, her ownership percentage will fall below the required level. As a result, she will no longer continue as the team’s governor.
End of a Family Legacy
The Buss family’s connection with the Lakers began in 1979, when Jerry Buss purchased the team.
Under Jerry Buss, the Lakers became one of the most successful and recognizable teams in sports. The franchise won multiple NBA championships and became home to some of basketball’s biggest stars.
After Jerry Buss died in 2013, his children continued to control the team. Jeanie became the public face of the family’s ownership group, while her siblings also remained involved in the family’s ownership structure.
The Buss siblings include Jeanie, Jim, Johnny, Janie, Joey and Jesse.
Siblings Approve the Sale
The decision to sell the remaining family stake followed a vote among the six Buss siblings.
Four of the six siblings voted in favor of the sale. That majority decision activated the family’s tag-along rights connected to an earlier transaction involving Mark Walter.
The process eventually led to the sale of the Buss family’s remaining ownership interest to Kushner and Iger.
Lakers Valued at $12.5 Billion
The Lakers were valued at approximately $12.5 billion as part of the transaction, highlighting the enormous financial value of the franchise.
The Lakers are among the most valuable sports teams in the world, with a global fan base and a history that includes legendary players, coaches and championship teams.
The high valuation also reflects the growing financial strength of the NBA and the increasing value of its most successful franchises.
A New Era for the Lakers
The end of Buss family control marks a major turning point for the Lakers.
For more than four decades, the family was closely connected to the team’s ownership and identity. Jerry Buss built the franchise into a global sports brand, while Jeanie Buss continued that legacy for more than a decade as governor.
With the ownership transition, the Lakers are now entering a new chapter under a different ownership structure.
For Jeanie Buss, the sale brings an end to her formal leadership role with the team. Her departure closes one of the longest and most important ownership chapters in Lakers history.