Buss family plans to sell remaining Lakers shares, ending Jeanie Buss' governorship

The Buss family trust is preparing to sell its remaining shares in the Los Angeles Lakers, a step that would force Jeanie Buss to relinquish her position as the franchise's governor, according to sources familiar with the negotiations. The sale follows a recent agreement by majority owner Mark Walter to sell the team to a consortium led by Bob Iger and Josh Kushner, valuing the Lakers at $12.5 billion.

The trust, composed of six of Jerry Buss’ children, needed at least four of six votes to approve the sale. A source said the trustees – Jeanie, Janie and Joey Buss – will now be responsible for completing the transaction. League rules require a governor to own at least 15 percent of the team, a threshold Jeanie Buss would fall below once the sale is finalized.

Jeanie Buss retained her governorship for at least five years after the previous sale of controlling ownership to Walter last summer. It is not known how she voted on the current proposal. The trust previously voted in June to sell a controlling interest to Walter at a $10 billion valuation while keeping an 18 percent minority stake.

In an interview with the California Post, Iger said the new ownership group intends to honor the existing governorship agreement between Walter and Jeanie Buss. > "We have respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise," he said.

Jerry Buss originally purchased the Lakers in 1979 for $67.5 million.