Buss Family to Conclude 47-Year Tenure with Lakers Ownership Sale

The Buss family plans to sell its 17.8% minority stake in the Los Angeles Lakers. New majority owners Josh Kushner and Bob Iger are set to acquire the shares, according to reports from ESPN and The Athletic. The six children of the late Jerry Buss, the former owner, have decided to sell, ending the family’s extensive involvement with the team.

Jeanie Buss will no longer serve as the Lakers’ governor. In a statement released to ESPN, the family expressed their love for the Lakers and their intention to continue supporting Los Angeles. However, they felt it was time to move on peacefully from their role.

Jeanie Buss, who took over leadership after her father’s death in 2013, previously led the sale of a controlling stake in the Lakers. This stake was sold to Dodgers owner Mark Walter last year, valuing the team at $10 billion. Despite maintaining a minority ownership through the Buss Family Trust, not all siblings agreed with the transaction. Joey and Jesse Buss lost their front-office positions last November due to internal disagreements.

Family disputes have been frequent since Jerry Buss passed away. In 2017, Jeanie dismissed her brother Jim from the position of head of basketball operations. Following the dismissal, a lawsuit ensued due to Jim and Johnny attempting to remove Jeanie from her leadership role.

Under federal investigation, Mark Walter made a deal earlier this month with Kushner and Iger. This transaction was valued at $12.5 billion, setting a new record for any professional sports team. With the acquisition, Kushner and Iger will control roughly 83% of the Lakers, and Jeanie Buss will lose her governance role.

Jeanie Buss was initially allowed to remain governor until 2030 under Walter’s agreement. However, Iger’s group declared they would uphold this, despite NBA mandates requiring governors to control at least 15% ownership.

“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 statement said.

Jerry Buss, a chemist and real estate mogul, purchased the Lakers, NHL’s Los Angeles Kings, and the Forum arena in 1979 for $67.5 million. The team quickly rose to fame with their “Showtime” playing style, winning five NBA titles between 1980 and 1988 with stars like Magic Johnson and Kareem Abdul-Jabbar.

Even as professional sports grew more corporate, the Lakers retained their family-run business identity. Under Jerry Buss, they secured more championships in the following decades. Kobe Bryant led them to five titles between 2000 and 2010, and LeBron James added another in 2020.

The sale agreement awaits approval from the NBA’s board of governors. This process may take several months to finalize.