Buss Family to Sell Remaining Stake in Los Angeles Lakers at $12.5 Billion USD Valuation
Jeanie Buss will step down as franchise governor following the complete exit of the family trust.
Summary
The Buss family has agreed to sell its remaining 17.8% stake in the Los Angeles Lakers to Josh Kushner and Bob Iger
Jeanie Buss will step down as team governor as the transaction reduces her ownership below the NBA required 15% threshold
The transaction completes a takeover valuing the franchise at $12.5 billion USD and bringing Kushner and Iger to an 83% stake
The Los Angeles Lakers are entering a new ownership era as the Buss family has agreed to sell its remaining 17.8% stake in the franchise to investors Josh Kushner and Bob Iger. Reported by Shams Charania at ESPN, the deal values the franchise at $12.5 billion USD and officially brings an end to the family’s historic 47-year tenure.
The transaction brings Kushner and Iger’s total ownership stake to approximately 83%, following their purchase of Mark Walter’s majority share. Because NBA guidelines mandate that a franchise’s controlling governor hold at least a 15% stake, the sale requires Jeanie Buss to step down from the governor role she has held since 2013 following the death of her father, Jerry Buss.
Under the Buss family’s leadership—which began when Jerry Buss purchased the team in May 1979—the Lakers secured 11 NBA championships and logged a league-leading 2,289 victories. The deal remains subject to approval by the NBA Board of Governors, with Kushner also required to sell his limited equity in the Miami Heat prior to final clearance.
The transaction will go before the NBA Board of Governors for official approval during its upcoming meeting on September 15 and 16 in New York.
