Event
Jeanie Buss is contesting the Buss family's decision to sell their remaining 17.8% stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger. A letter from her attorney argues that the sale cannot proceed without the approval of co-trustees, including Jeanie, who voted against the sale. The family stated the sale would reduce Jeanie's ownership below the 15% threshold required by NBA guidelines to remain governor of the team.
3 published stories · los-angeles-lakers · source reliability 67%
Legal correspondence argues co-trustee approval is required, contradicting family statement that sale will reduce ownership below NBA’s 15% governance threshold.
Five of six siblings invoke tag-along clause to sell remaining stake, triggering NBA governance changes for the Los Angeles franchise.
The Buss family has agreed to sell its final shares in the Los Angeles Lakers to majority owners Josh Kushner and Bob Iger. The transaction concludes a complex ownership saga and forces Jeanie Buss to relinquish her role as governor, despite previous agreements allowing her tenure to continue through 2030.
Background
The Buss family has sold its remaining 17.8% stake in the Los Angeles Lakers to Josh Kushner and Bob Iger, concluding a nearly five-decade era of family ownership. The transaction, valued at $12.5 billion for the franchise, follows Kushner and Iger’s acquisition of majority control from Mark Walter. As the Buss family no longer holds the NBA-mandated 15% ownership threshold, Jeanie Buss will relinquish her position as team governor, despite previous agreements allowing her tenure to continue. The sale was executed by five of the six siblings under a tag-along clause in the family trust, overriding initial arrangements that permitted Jeanie to retain the governor role.
The Buss family has sold its remaining 17.8% stake in the Los Angeles Lakers to Josh Kushner and Bob Iger, concluding a nearly five-decade era of family ownership. The transaction, valued at $12.5 billion for the franchise, follows Kushner and Iger’s acquisition of majority contr
Fact cards
Key entities: Jeanie Buss, Buss family, Josh Kushner, Bob Iger, Los Angeles Lakers, NBA, Adam Streisand, Janie Buss.
ESPN | https://www.espn.com/nba/story/_/id/49642917/jeanie-buss-contesting-family-sale-stake-lakers | published 2026-08-18T00:14:40.000Z | primary source | CBS Sports | https://www.cbssports.com/nba/news/buss-family-sells-lakers-stake-ending-era | published 2026-08-17T20:19:22.00
May 1979: Dr Jerry Buss becomes owner of the Los Angeles Lakers, beginning a nearly 50-year family legacy. June 2025: Mark Walter purchases a controlling stake in the Lakers from the Buss family for $10 billion. June 2025 (four days later): Walter sells the majority stake to Bob
Timeline
Dr Jerry Buss becomes owner of the Los Angeles Lakers, beginning a nearly 50-year family legacy.
Mark Walter purchases a controlling stake in the Lakers from the Buss family for $10 billion.
Walter sells the majority stake to Bob Iger and Josh Kushner for $12.5 billion.
The Lakers spend 14 months integrating with the Los Angeles Dodgers, another franchise owned by Walter.
Five of the six Buss siblings invoke a tag-along clause to sell their remaining 17.8% stake to Kushner and Iger.
Jeanie Buss loses her position as team governor due to falling below the 15% ownership requirement.