Buss family sells remaining Lakers stake to Iger and Kushner group
The Buss family has agreed to sell its 17.8% minority stake in the Los Angeles Lakers to the ownership group led by Bob Iger and Josh Kushner, increasing their holding to about 83% of the franchise.
The Buss family announced that it will sell its remaining 17.8% ownership share in the Los Angeles Lakers to the new majority owners headed by Bob Iger and Josh Kushner. The sale follows the earlier purchase of a controlling 65% stake from Mark Walter for $12.5 billion, which will bring Iger and Kushner’s total ownership to roughly 83% of the team.
"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. 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 family statement said.
The Buss family trust, comprising siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse, voted unanimously to approve the sale. The family first acquired the Lakers in 1979 and retained a minority stake after selling the controlling interest to Mark Walter in a $10 billion deal last year.
Jeanie Buss, who has served as the team’s governor, will lose the 15% ownership required to retain that role after the transaction. It remains unclear who will assume the governor position. The change also raises questions about the future of general manager Rob Pelinka, who was hired under Jeanie Buss’s leadership.