Buss Family to Sell Ownership in Los Angeles Lakers

The Buss family has decided to sell its 17.8% minority ownership of the Los Angeles Lakers to new majority owners, Josh Kushner and Bob Iger. The six children of Jerry Buss, the late owner, have made this decision, ending the family’s 47-year involvement with the 17-time NBA championship franchise. This move will likely conclude Jeanie Buss’ role as the Lakers’ governor.

“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 family stated to ESPN. Despite this decision, they expressed their continued support for the Lakers and Los Angeles.

Jeanie Buss has been the governor of the Lakers since Jerry Buss passed away in 2013. She led the family’s previous decision to sell a controlling stake to Mark Walter, the Dodgers owner, at a $10 billion valuation. Despite the siblings keeping the family’s minority ownership stake, not all of them supported the move, and Joey and Jesse were dismissed from their front-office roles last November.

The Buss siblings have dealt with conflicts since their father’s death. In 2017, Jeanie dismissed Jim from his role as head of basketball operations, which was followed by legal disputes as Jim and Johnny attempted to remove Jeanie from her role as the controlling owner.

Mark Walter, currently facing a federal tax investigation, reached an agreement earlier this month to transfer the Lakers to Kushner and Iger at a $12.5 billion valuation, setting a new record for a sports team. Kushner, a venture capitalist, and Iger, a former Disney CEO, acquired about 65% of the team initially but will now own roughly 83%, which jeopardizes Jeanie Buss’ position as governor.

Under the previous deal with Walter, Jeanie Buss was to retain the role until at least 2030. However, team governors must control at least 15% ownership.

Jerry Buss, who was both a chemist and real estate investor, purchased the Lakers, Los Angeles Kings, and the Forum arena from Jack Kent Cooke in 1979 for $67.5 million. The Lakers saw a renaissance during this period, winning five NBA titles in the 1980s under Magic Johnson and Kareem Abdul-Jabbar.

While professional sports became more corporate, the Lakers retained a family-owned essence. Jerry Buss employed many legendary players and coaches, with Kobe Bryant leading the team to five more championships from 2000 to 2010, and LeBron James securing the 17th title in 2020.

The deal must gain approval from the NBA’s board of governors, and this process is expected to take several months.