For the first time in over half a century, the Buss family is officially out of the Lakers’ backroom. This Monday marked the final chapter, with the family selling off their remaining 17.8% ownership stake. Get this: new owners Bob Iger and Joshua Kushner, according to ESPN’s Shams Charania, now lead a group that holds roughly 83% of the franchise. This isn’t just another transaction; it’s the end of an era, period.
The Family Feud That Shattered a Legacy
So, what went down? The Buss family declared their intent to sell that last 17.8% to the Iger-Kushner consortium, and with that, Jeanie Buss gives up her right to remain governor. Why? Because the NBA says controlling owners gotta have at least 15% of the franchise. That’s a pretty big deal! The family put out a statement saying they “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.” Sounds smooth, right? But the real story is way messier.
According to Charania, only four of the six Buss family trust members,Jeanie, Jim, Johnny, Janie, Joey, and Jesse,actually approved this sale. ESPN’s Baxter Holmes reported the family’s relationship basically imploded after the patriarch, Jerry, died. Word is, multiple family members felt Jeanie totally rushed the majority sale last summer and duped them. We’re talking about each sibling pocketing a cool $500 million after taxes, but Jeanie still went and sacked her own siblings months after that initial sale. Janie Buss didn’t hold back, telling ESPN, “I don’t think my dad would be happy with the way things just went down.” This isn’t just about money; it’s about a family legacy tearing itself apart.
Jerry Buss’s Vision: From Real Estate to Lakers Royalty
This whole situation stings even more when you look back at how it all began. Jerry Buss wasn’t just some rich guy buying a team; he was a visionary. He bought the Lakers way back in 1979 from Jack Kent Cooke, building his fortune from smart real estate investments across Arizona, California, and Nevada. We’re talking about a guy who turned a $6,000 down payment and a $100,000 loan on a 14-unit rental apartment in Los Angeles into a $350 million entity. That’s some serious hustling! Besides the Lakers, Buss also snagged the NHL’s Kings and The Forum, which was the Lakers’ home at the time. He set up an empire, and now his kids sold the last piece of it.
So, what’s next for the Lakers without a Buss anywhere in the mix? This complete shift in ownership is huge. With Iger and Kushner in full control, it truly marks a new chapter for the purple and gold. We’ve seen how family dynamics can shape a franchise; now, we’ll see how a completely new vision takes the wheel. The stakes are massive for L.A., and every move from here on out will be under a microscope.
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by The Sporting News.
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