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The end of an era.
The Buss Family Trust is selling its 17.8% stake of the Lakers, according to media reports Monday, giving its final shares of the team to new majority owners Joshua Kushner and Bob Iger, who bought the controlling ownership stake from Mark Walter last week for a record valuation of $12.5 billion. The sale ends a 47-year reign for the Buss family, which turned the Lakers into one of the most recognizable teams in the world.
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“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 in a statement to ESPN, which first reported the news. “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.”
Read more: What’s at stake for Dodgers’ owner Mark Walter as authorities probe his businesses
The transactions still need to be approved by the NBA board of governors. Jeanie Buss, who remained the Lakers governor even after Walter’s purchase of the team was approved last October, would no longer be eligible to serve on the board, which requires minority owners to have at least a 15% stake
The Buss family has owned the team since 1979, when Jerry Buss bought the franchise for $67.5 million. The family patriarch leveraged Hollywood glamour with entertainment spectacle to elevate the team into an internationally recognized brand. When Buss died in 2013, the team was passed to a trust for his six children: Jeanie, Jim, Johnny, Janie, Joey and Jesse.
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Despite being one of the most recognizable franchises in the world, the Lakers remained a family-run business. Soon, the booming sports business caught up. The team started falling behind in resources and revenue compared to other organizations that controlled their own arenas and media deals. The Buss family voted to relinquish a majority ownership of the team in 2025, bringing in Walter, who also owns the Dodgers.
Jeanie was to remain the governor of the team for five years under Walter, but the investment mogul who is under federal…
Source link : https://sports.yahoo.com/articles/buss-family-selling-lakers-ownership-202221397.html
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Publish date : 2026-08-17 20:22:00
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