The Buss family has sold its remaining ownership stake in the Los Angeles Lakers to the group led by businessman Josh Kushner and former Disney CEO Bob Iger, who recently acquired majority ownership of the team. The transaction marks the end of the Buss family's involvement with the storied NBA franchise.
"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 stated. "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 has held ownership stakes in the Lakers since Dr. Jerry Buss purchased the franchise in 1979. The recent sale sees Kushner and Iger's group buy the majority ownership from Mark Walter at a valuation reported to be $12.5 billion.