The Los Angeles Lakers are undergoing another major change as the Buss family prepares to sell its remaining 17.8% stake in the iconic NBA franchise. This move marks the end of an era for the family, which has been synonymous with the team's identity for decades.
News surfaced on Aug. 12 that controlling owner Mark Walter had decided to sell his stake in the Lakers to Josh Kushner and Bob Iger for a historic $12.5 billion. Pending approval from the NBA's board of governors, Kushner and Iger are set to take controlling interest in the team.
The Buss family had maintained an ownership stake in the franchise following previous transactions. Siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse have held this stake since their father, Jerry Buss, passed away in 2013. Jeanie has served as the team's governor since 2013, but this transition will change that dynamic. Selling the 17.8% stake means she will no longer meet the 15% minimum ownership threshold required to retain the role of team governor.
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.
This ownership shift arrives as the Lakers prepare for a pivotal season. The roster has undergone a significant revamp, notably following the departure of LeBron James via free agency. Despite the changes, the team remains focused on returning to the playoffs and making a deeper run after their second-round exit to the Thunder last season.
Market sentiment remains optimistic regarding the team's future. Traders on platforms like Polymarket have given the Lakers a 79% chance to make the postseason, placing them ninth among NBA teams. As the franchise transitions to new leadership, the focus remains on maintaining the competitive standard established during the Buss family's tenure.