Buss Family’s Ownership in Lakers Ends With Sale to New Owners

The Buss family’s decision marks the end of their 47-year ownership of the Los Angeles Lakers. On Monday, they announced the sale of their 17.8% minority stake to Josh Kushner and Bob Iger, concluding their involvement with the 17-time NBA champions. This decision appears to mark the end of Jeanie Buss’ role as governor of the team.

In a statement to ESPN, the Buss family expressed their deep affection for the Lakers and their supporters, while acknowledging their choice to exit ownership. Jeanie Buss, who has led the Lakers since her father’s passing in 2013, recently sold a controlling stake to Mark Walter, owner of the Dodgers, valuing the team at $10 billion.

Despite holding onto a minority share, the six Buss siblings had opposing views on the sale. Conflicts have been frequent among Jeanie, Jim, and Johnny Buss, particularly following Jeanie’s dismissal of Jim in 2017 and a failed legal attempt to remove her.

Mark Walter’s dealings faced scrutiny with federal tax investigations, leading to a sudden agreement to sell to Kushner and Iger at a $12.5 billion valuation. Kushner and Iger now own about 83% of the Lakers, affecting Jeanie Buss’ position as governor, which required minimum 15% ownership.

Jerry Buss, a chemist and real estate investor, originally purchased the Lakers, NHL’s Kings, and the Forum in 1979. The Lakers gained fame during the 1980s with stars like Magic Johnson. The family continued to maintain a family-oriented business model despite the sport’s corporate evolution. Kobe Bryant and LeBron James have played pivotal roles in the team’s championship victories, winning several titles over the years.

The NBA’s board of governors must still approve this sale, a process estimated to take several months.