Buss family sell remaining Los Angeles Lakers stake to Bob Iger group

The Buss family have agreed to sell their remaining ownership stake in the Los Angeles Lakers to a group led by Bob Iger and Josh Kushner, ending Jeanie Buss’s tenure as team governor.

The historic NBA franchise will see its long-standing dynastic leadership conclude once the 17.8% share transaction is officially completed.

League guidelines dictate that controlling governors must hold a minimum 15% share, meaning the current president will no longer qualify for the role she has held since 2013.

End of an era for basketball royalty

“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 family trust required four votes from the six siblings to trigger a tag-along provision from Mark Walter’s previous sale to the incoming owners.

This latest agreement values the 17-time NBA champions at an astonishing $12.5bn (£9.5bn).

Walter’s turbulent and brief reign

The decision follows a controversial period after the family initially sold a majority stake to Walter last June at a then-record $10bn valuation.

Multiple siblings reportedly felt pressured into that initial agreement and were frustrated by what they considered a rushed process orchestrated by their sister.

While the original deal allowed the long-time executive to remain as governor until 2030, her siblings were subsequently removed from their operational positions within the organisation.

Walter’s tenure as majority owner lasted less than a year after his bid was unanimously approved by the league last October.

The TWG Global chief executive is currently facing federal investigations regarding alleged tax fraud connected to other companies tied to his financial empire.

What happens next for the new owners?

Kushner and former Disney chief Iger are already purchasing approximately 65% of the Californian franchise directly from Walter.

Acquiring the additional shares from the founding trust will boost their total ownership stake to roughly 83%.

The monumental takeover still requires formal ratification from the NBA’s board of governors.

This approval process may be delayed until the next board meeting in New York, scheduled for mid-September.

Furthermore, Kushner must successfully divest his existing limited equity in the Miami Heat before the final green light can be given.