LOS ANGELES — The Buss family has agreed to sell its remaining ownership stake in the Los Angeles Lakers, approximately 18%, to Bob Iger and Joshua Kushner, who reached an agreement to buy the franchise at a $12.5 billion valuation last week, according to multiple reports Monday afternoon.
“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 Buss family wrote in a statement to ESPN, which first reported the news. “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.”
On Wednesday, Mark Walter sold his majority stake in the Lakers to Iger, the former Disney CEO and Kushner, a venture capitalist firm founder, sources confirmed to the Southern California New Group. Iger and Kushner were previously interested in NBA expansion efforts before the opportunity to purchase the Lakers quickly developed.
Both transactions still need to be approved by the NBA board of governors, which are set to meet Sept. 15-16 in New York.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Kushner and Iger said in a statement last week. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
The Buss family owned the Lakers for 46 years and sold their majority stake to Walter in June 2025 and owned at least some stake in the Lakers since March 1979. The Buss family trust consists of each of Dr. Jerry Buss’ children: Lakers governor Jeanie Buss, Jim Buss, Johnny Buss, Janie Buss, Joey Buss and Jesse Buss. According to The Athletic, “intent to sale” from the Buss Family Trust required four of the six siblings to on board to make the decision.
Jerry Buss died in 2013. In November 2025, the Lakers ousted Jeanie Buss’ younger brothers Joey and Jesse from front office positions, leaving just Jeanie Buss as a part of the day-to-day operations of the franchise.
Jeanie Buss, who currently serves as the governor, will no longer hold the role if the sale is officially executed since being governor requires holding at least a 15% stake in the franchise. Last week, Iger said in an interview with the California Post that he intended to honor the agreement between Walter and Buss that allowed Jeanie Buss to remain on as governor for the next five years since the first sale.
“We have enormous respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise,” Iger said Wednesday to The Post. “And we have every intention to honor the agreement that was made between Mark and Jeanie. If things change, they’ll change, but we’re going into this with enormous respect and appreciation for who she is and what she represents in the organization.”
Now, as Iger said, things have certainly changed.
More on this story to come.