Buss family exits Lakers ownership; Jeanie Buss to step down as governor

The Buss family has formally decided to sell its remaining 17.8% stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger. The move, confirmed by sources to ESPN, marks the definitive end of the family’s 46-year stewardship of the franchise. With the sale, Jeanie Buss will cease to be the team’s governor, as NBA regulations stipulate that controlling owners must hold at least 15% of the franchise to maintain that title.

Jeanie Buss, who assumed the governor role in 2013 following the death of her father, Jerry Buss, had been permitted to remain in the position through 2030 under the initial sale agreement with Mark Walter. However, the activation of a tag-along provision in Walter’s purchase agreement has accelerated the family’s departure. The Buss Family Trust, comprising siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse, secured the necessary four-of-six majority votes to execute the sale, allowing the transaction to proceed.

The decision follows a contentious period within the family regarding the initial sale to Walter in June 2025, which valued the Lakers at $10 billion. Sources indicate internal friction, with some siblings feeling misled by Jeanie about the urgency of that deal. While Jeanie argued the sale served the long-term interests of the franchise, other siblings reportedly viewed it as rushed and embarrassing. All six siblings ultimately voted to proceed, with the initial transaction closing in late October 2025. Each sibling received approximately half a billion dollars after taxes from that first phase.

Under the current arrangement, Kushner and Iger are acquiring approximately 65% of the franchise from Walter, who served as majority owner for less than a year before selling his stake for $12.5 billion. With the addition of the Buss family’s shares, Kushner and Iger’s combined ownership will rise to roughly 83%. Walter, CEO of TWG Global, is currently subject to federal investigations regarding alleged tax fraud linked to other companies, a factor that may have influenced the rapid turnover in ownership.

The transaction still requires final approval from the NBA’s board of governors, with the next meeting scheduled for 15–16 September in New York. Additionally, Kushner must divest his limited equity in the Miami Heat before the board can grant approval. The Buss family, which has owned the team since 1979, oversaw 11 NBA championships and the most wins of any franchise in the NBA since the 1979-80 season. In a statement, the family described the exit as graceful, affirming their continued support for Los Angeles and its fans.