The Buss family has agreed to sell its remaining 17.8% stake in the Los Angeles Lakers to Joshua Kushner and Bob Iger.
The agreement values the franchise at $12.5 billion, setting a record price for a professional sports team just one year after Los Angeles Dodgers owner Mark Walter bought a controlling interest at a $10 billion valuation.
The decision to sell followed a vote by the Buss family trust, where four of the six siblings voted in favor of executing the transaction. The trust is made up of siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse Buss, with four votes representing the majority needed to approve the sale.
The transaction means Jeanie Buss will step down as governor of the Lakers, ending her leadership of the organization. National Basketball Association rules dictate that team governors and controlling owners must hold at least a 15% stake in a franchise to maintain their executive position.
Jeanie Buss had served as the controlling owner of the team since 2013, taking over leadership following the death of her father, Jerry Buss. Jerry Buss originally purchased the Lakers in 1979, guiding the team through decades of sustained championship success in American professional sports.
In a statement issued to ESPN, the sports broadcasting network, the family confirmed their decision to transfer their remaining shares to the incoming ownership group.
"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 statement read. "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."
End of an Era for the Buss Family
The acquisition combines the Buss family trust's 17.8% stake with approximately 65% of the franchise being sold by Mark Walter, bringing Kushner and Iger's total ownership stake to around 83%.
The transaction remains subject to formal approval by the NBA board of governors, the governing body comprising representatives from all 30 league teams, before the sale can be officially completed.
Walter, who purchased his majority stake just a year ago, is currently under federal investigation for alleged tax fraud involving other companies he owns. Alongside his investment in the Lakers, Walter is best known as the principal owner of the Los Angeles Dodgers, the Major League Baseball franchise based in Los Angeles.
In a statement announcing the transaction last week, Walter praised the organization and its supporters.
"Owning the Los Angeles Lakers has been one of the great honors of my life, an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," Walter said. "I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."
New Ownership for the Iconic Franchise
The new ownership pairing brings together prominent figures from the American media industry and private equity. Bob Iger previously served as chief executive officer of The Walt Disney Company, the global entertainment conglomerate headquartered in Burbank, California, while Joshua Kushner is a venture capitalist and founder of the investment firm Thrive Capital.
In a joint statement following the rapid agreement, Kushner and Iger outlined their long-term commitment to the franchise.
"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. "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 news of the takeover prompted a public reaction from Lakers star player Luka Doncic, who expressed optimism about the team's future under new leadership.
"Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA," Doncic wrote in a post on social media. "I've gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together."
Jeanie Buss publicly shared Doncic's message on social media, endorsing his comments by writing: "Perfectly said."
White House Response to Political Questions
The involvement of Joshua Kushner attracted political attention because of his family connections. He is the brother of Jared Kushner, who served as a senior advisor to Donald Trump during his presidential administration.
Following questions regarding potential political links to the record-breaking sports transaction, the White House issued an explicit clarification. The White House stated that the sale "has nothing to do with President Trump or his administration."
The Los Angeles Lakers rank among the most successful and valuable franchises in North American sports history. Competing in the Pacific Division of the NBA's Western Conference, the team plays its home games in downtown Los Angeles and has captured 17 NBA championships since its founding.
