Buss family exits Lakers as Iger, Kushner lift stake to 83%

The Buss family voted to sell its remaining 17.8 percent stake in the Los Angeles Lakers to Bob Iger and Josh Kushner, lifting the pair's combined ownership to about 83 percent and ending 47 years of family control over the franchise.

"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 Buss family said in a statement to ESPN.

The sale follows the duo's agreement last week to buy the controlling stake from Dodgers owner Mark Walter at a $12.5 billion valuation, a record for a professional sports franchise. Walter had acquired control from the Buss family just over a year earlier at a $10 billion valuation. Four of the six Buss siblings backed the decision to sell.

The exit strips Jeanie Buss of her role as governor, which NBA rules require be held by an owner with at least a 15 percent stake. The transactions still need approval from the NBA board of governors, which meets Sept. 15-16 in New York.

The deal came together in three business days, Iger told the New York Post, after he and Kushner learned Walter might be open to selling. Walter, who is under federal investigation into tax matters, had bought control of the Lakers from the Buss family in June 2025 in a deal that closed last October.

Jerry Buss originally purchased the Lakers, the NHL's Los Angeles Kings and the Forum arena from Jack Kent Cooke in 1979 for $67.5 million. Under the family, the franchise won 11 NBA championships across eras defined by Magic Johnson and Kareem Abdul-Jabbar, Kobe Bryant and, most recently, LeBron James, who delivered the franchise's 17th title in 2020.

The family's tenure was marked by internal conflict after Jerry Buss died in 2013. Jeanie removed her brother Jim from basketball operations in 2017, and two other siblings, Joey and Jesse, were let go from front-office positions last November, leaving Jeanie as the only family member in day-to-day operations.

When Walter first purchased the majority stake, Jeanie was guaranteed to remain governor through at least 2030, and Iger had said he intended to honor that arrangement. The siblings' decision to sell the remaining shares makes that question moot.

Kushner, co-founder of venture capital firm Thrive Capital, must divest a minority stake in the Miami Heat before the Lakers purchase can be approved. Iger, the former Disney chief executive who already owns Angel City FC, had previously pursued NFL ownership through a proposed stadium in Carson, California.

The sale resets the economics of professional sports ownership. The $12.5 billion valuation for the Lakers, up 25 percent from the $10 billion Walter paid just over a year earlier, sets a benchmark for NBA expansion and franchise sales. The league is weighing expansion teams in Las Vegas and Seattle, with prices expected to approach or exceed the Lakers' mark.

This article is for informational purposes only and does not constitute investment advice.