The Buss family has decided to sell its remaining ownership stake in the Los Angeles Lakers to Bob Iger and Josh Kushner, concluding a decades-long tenure with the storied franchise. The transaction increases the Iger-Kushner partnership’s control to 83 percent of the team, up from approximately 65 percent following their initial $12.5 billion acquisition from previous owner Mark Walter just days earlier.
Four of the six Buss siblings voted in favor of the sale, with the family releasing a statement expressing their decision to exit while maintaining their love for the organization and its fans. The move marks the end of an era that began when Dr. Jerry Buss purchased the Lakers in 1979, establishing a winning tradition that produced 11 NBA championships under family stewardship before his death in 2013.
The sale carries significant implications for team governance, as NBA regulations require team governors to maintain at least 15 percent ownership stake. This requirement means Jeanie Buss, who previously served as a governor under both Walter and the new ownership group, will no longer hold that position following the completion of the transaction.
Thrive Capital, Kushner’s investment firm, did not provide comment regarding the expanded ownership structure. The transition represents a rapid shift in the franchise’s leadership, occurring roughly one year after the Buss family initially sold controlling interest to Walter.
Originally reported by Sports.yahoo →
About the Author
