The Buss family is done with the Los Angeles Lakers. On Monday, the family trust that has owned a piece of the franchise since 1979 voted to sell its remaining 17.8 percent stake to new majority owners Bob Iger and Josh Kushner, completing a stunning ownership overhaul that began just 10 months ago and ending the family's 47-year run with the team. The move also removes Jeanie Buss from the governor's seat she has held since her father's death in 2013, because the sale drops her below the NBA's 15 percent ownership threshold required for the role.
Buss Family Sells Final Lakers Stake to Iger and Kushner Group
The decision, first reported by ESPN, comes six days after Iger and Kushner agreed to buy Mark Walter's controlling stake in the franchise for a record $12.5 billion. The Buss family trust, made up of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse, needed four of six votes to trigger the tag-along provision attached to Walter's sale, and the family ultimately voted unanimously to cash out at the same valuation.
"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 said in a statement. "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."
The sale represents the final chapter of an ownership era that began when Dr. Jerry Buss purchased the Lakers in 1979 and turned the franchise into one of the most recognizable brands in world sports. With the Buss shares added to the stake acquired from Walter, Iger and Kushner will control roughly 83 percent of the team.
Jeanie Buss Out as Governor After 47-Year Family Run
Jeanie Buss has been the face of Lakers ownership since taking over as governor after her father passed away in February 2013, steering the franchise through a decade-plus that included LeBron James' arrival and the team's 17th championship in 2020. When the family sold majority control to Walter in June 2025 in a deal that closed that October, the agreement guaranteed Buss would remain governor for at least five years, through the 2030 season.
That deal was built on the 17.8 percent stake the family kept, which kept Buss above the NBA rule requiring a governor to own at least 15 percent of a franchise. Selling those shares removes that cushion entirely. Iger told reporters last week that he and Kushner had "every intention to honor" the governor agreement, but the league's ownership requirement makes that impossible once the transaction closes. It remains unclear who will take over as governor, with Kushner and Iger the natural candidates, though Kushner must first sell his limited stake in the Miami Heat before the league will approve the broader transfer.
What a Record $12.5 Billion Lakers Valuation Means
The numbers behind this deal are staggering even by NBA standards. Walter purchased controlling interest from the Buss family at a then-record $10 billion valuation in October 2025, and flipped the franchise 10 months later for $12.5 billion, pocketing roughly $2.5 billion in profit in just over a year. The price smashes the previous record for a professional sports franchise and makes the Lakers the first team ever sold twice for $10 billion-plus valuations in consecutive years.
Walter's decision to sell came amid federal scrutiny of his business empire, including probes into allegedly conflicted insurance loans tied to his holdings. He is selling only the Lakers in this transaction, keeping his other properties, and the speed of the flip stunned league insiders. Iger and Kushner, who had been exploring an NBA expansion franchise in Las Vegas, pivoted to the Lakers when the opportunity surfaced and closed a framework agreement in a matter of days.
What Happens Next for the Lakers' New Ownership Era
The deal is far from finished. The NBA Board of Governors meets September 15-16 in New York, and approval requires at least 23 of the 30 owners, a 75 percent threshold. Even then, the vote may not take place at that session, and Kushner's required divestment from the Miami Heat adds another layer of paperwork before the league signs off.
For fans, the on-court product should not change overnight. The Lakers enter the 2026-27 season with a roster built around Luka Doncic, one of the most valuable assets in the league, and a front office led by Rob Pelinka that has spent two years reshaping the roster. New ownership with deep pockets and media experience rarely hurts a franchise's ambitions, and Iger's background running Disney gives the group obvious marketing firepower in the league's biggest market.
What changes is the emotional anchor of the franchise. For 47 years, a Buss has been the answer to the question of who runs the Lakers. Monday's vote ends that, and the transition from a family dynasty to a corporate-era ownership group begins the moment the league stamps its approval. The Lakers have been sold at a record price twice in 14 months; now the new owners have to prove the valuation was worth it.
Marcus Bennett
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