The Buss family’s nearly five-decade hold on the Los Angeles Lakers is officially over, with the family selling its remaining 17.8% share to Josh Kushner and Bob Iger for a $12.5 million valuation. This isn’t just a sale; this is the end of an era, folks, and it brings a ton of questions about what’s next for one of the NBA’s most iconic franchises.
The End of an Era and a Surprising Price Tag
Can you believe it? The Buss family, after almost fifty years, just completely severed ties with the Lakers. Dr. Jerry Buss became the owner way back in May 1979, building a dynasty that defined a franchise for generations. Now, the family released a statement confirming they’re selling their remaining 17.8% share to Josh Kushner and Bob Iger. “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 Buss family said. This final chunk of the team went for a reported $12.5 million valuation, according to ESPN. Remember, Kushner and Iger already bought control of the team from Mark Walter last week in a surprising transaction. But this, this is the final nail.
The Jeanie Buss Twist That Nobody Saw Coming
Here’s the real drama unfolding right now, the kind of family stuff that just hits different: Jeanie Buss, who was originally set to stay on as the team’s governor, is out. When the Buss family initially sold majority control to Mark Walter last summer, Jeanie was specifically allowed to remain governor. NBA rules are pretty clear: you need at least 15% ownership to be a team governor, and the Buss family trust retained that 15% stake even after Walter bought the majority. The NBA even stated last year that Buss would remain governor for at least a five-year term! But things change, right? Bob Iger himself, mere hours after he and Kushner bought the team, told The California Post that Jeanie staying was the plan, but “if things change, they’ll change.” Well, consider them changed. ESPN’s Yaron Weitzman dropped the bombshell: all five siblings, besides Jeanie, executed the tag-along clause in the family trust. That clause basically forced a sale of the family’s shares, meaning the Buss family no longer holds that critical 15% stake required for governorship. You gotta wonder about the family dynamics too, especially after younger siblings Joey and Jesse Buss, who held prominent roles in basketball operations, were both fired after the initial sale to Walter.
What’s Next for the Purple and Gold?
So what’s next for the Lakers? With the Buss family completely out, either Iger or Kushner will presumably step in as the new team governor. They get to direct the team “as they see fit,” which is a pretty powerful blank slate. Mark Walter, the guy who bought the team before Kushner and Iger, had been busy trying to integrate the Lakers with his other local professional sports franchise, the Dodgers. Remember all that “Dodger-fication” talk? That whole idea is completely off the table now. Walter’s gone, the Buss family’s gone. The team’s basketball future? The reports say it’s “not clear,” which means it’s a total wild card for the purple and gold. Lakers fans are staring into the unknown right now. This is a monumental shift, a new chapter for sure, but the question is, what kind of story will it be?
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by CBS Sports.
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