The Buss family has decided to sell its remaining 17.8% stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger, according to Shams Charania of ESPN.
That means Jeanie Buss is no longer the majority governor of the Lakers, a title she’s held since 2013.
“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 family said in a statement. “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 Lakers, who lost LeBron James to the Philadelphia 76ers, are being sold to Kushner and Iger for $12.5 billion.
New franchise superstar Luka Dončić wasn’t consulted about the sale.
Mark Walter purchased a controlling interest in the Lakers from the Buss family last year for a then-record franchise valuation of approximately $10 billion. Walter, the CEO and chair of diversified holding company TWG Global, had been the Lakers’ majority owner since October, when his bid was unanimously approved by the NBA.
Walter, who built his financial empire in the insurance industry, is under federal investigation for alleged tax fraud by other companies tied to the billionaire. Walter and TWG Global have interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women’s Hockey League.
Through TWG Motorsports, Walter owns several auto racing teams, including Cadillac Formula 1.
Bloomberg reported in July that U.S. prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, failed to disclose that their private credit holdings backed other Walter-controlled ventures. The Securities and Exchange Commission is running a parallel investigation, according to the Bloomberg report.
The Lakers completely reshaped their roster this summer around Dončić and Austin Reaves. LAL acquired Walker Kessler from the Utah Jazz and signed Quentin Grimes, Sandro Mamukelashvili, Kevon Looney, Collin Sexton, Ziaire Williams and Matisse Thybulle in free agency.
The Lakers did lose James, Marcus Smart, Luke Kennard, Rui Hachimura and Deandre Ayton from last season’s team.
Dončić will make $49.5 million next season. He can become an unrestricted free agent in the summer of 2028 by declining his 2028-29 player option worth $57.4 million.
A future Hall of Famer, Dončić has career averages of 29.2 points, 8.5 rebounds and 8.2 assists per game in the regular season and 30.9 points, 9.2 rebounds and 7.8 assists per game in the playoffs with the Dallas Mavericks and Lakers. He signed a three-year, $160 million extension with LAL last year.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA. 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,” Dončić posted to X. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
