The Buss family is exiting the Los Angeles Lakers after agreeing to sell their remaining 17.8 percent stake to a group led by Bob Iger and Josh Kushner. This transaction, pending NBA approval, concluudes nearly five decades of family control over the franchise.
From a $67.5 million gamble to a global brand
The departure of the Buss family marks the end of a legacy that began in 1979. At that time, Jerry Buss purchased the Los Angeles Lakers, the Los Angeles Kings, and The Forum in Inglewood for $67.5 million from Jack Kent Cooke. This acquisition transformed the Los Angeles Lakers into a global powerhouse, blending sports with the glamour of the entertainment capital.
Under the stewardship of the Buss family, the Los Angeles Lakers achieved a level of success rarely seen in professional sports. The franchise secured 17 NBA championships, including the high-flying "Showtime" era of the 1980s and the dominant runs led by Kobe Bryant and LeBron James. This era established the team as a family-run institution in an increasingly corporate league.
The path to an 83 percent stake for Iger and Kushner
The current exit is the final step in a multi-stage ownership transition.. As reported by ESPN and The Athletic, the investment group led by Bob Iger and Josh Kushner had already acquired a majority interest in the team on August 12, 2026, by purchasing approximately 65 percent of the franchise from previous majority owner Mark Walter. Mark Walter had previously acquired a controlling interest at a reported valuation of $10 billion.
By absorbing the final 17.8 percent stake held by the Buss family trust, the Iger and Kushner group is expected to control roughly 83 percent of the Los Angeles Lakers. This shift moves the franchise from the hands of a sporting dynasty into the control of figures from the highest echelons of finance and media, reflecting a broader trend of institutional and celebrity investment in major league sports.
The 15 percent ownership threshold and Jeanie Buss's future
A critical point of contention in this deal is the future of Jeanie Buss as the team governor. According to the report, NBA regulations typically require governors to maintain at least a 15 percent ownership stake in their respective teams. Because the sale of the family trust's shares drops Jeanie Buss below this threshold,her tenure as governor is now in jeopardy.
While Bob Iger has previously indicated that the new ownership group intended to honor an agreement allowing Jeanie Buss to remain governor through 2030, the league's strict ownership rules may override that preference. The final decision rests with the NBA Board of Governors, whose approval process could take several months.
Sibling disputes and the divide among the six Buss children
The decision to sell was not a unanimous embrace of the deal among the six children of Jerry Buss. The report notes that Jeanie, Jim, Johnny, Janie, Joey, and Jesse did not all support the sale in the same manner, echoing years of internal family friction. These tensions peaked in 2017 when Jim Buss was removed as head of basketball operations, leading to a legal battle between Jeanie Buss and her brothers.
Despite these fractures, the family has publicly stated that the sale allows them to leave the organization "gracefully." However, several details remain opaque. It is still unknown exactly who the other partners are within the Iger and Kushner investment group, and it remains to be seen if the NBA will grant a specific governance waiver to allow Jeanie Buss to stay on despite her diminished equity.
Comments 0