Joshua Kushner and former Disney CEO Bob Iger have secured full control of the Los Angeles Lakers after the Buss family sold its remaining ownership stake. The transaction, which values the NBA franchise at $12.5 billion, represents a significant increase from the $10 billion valuation when Mark Walter initially purchased the team last year.
The Buss family trust, comprising siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse, voted four out of six to approve the sale of their 17.8% share to Kushner and Iger. This move means Jeanie Buss will relinquish her role as governor of the Lakers, a position she held since her father Jerry Buss's death in 2013. NBA regulations require controlling owners and governors to hold at least 15% of a 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," a statement to ESPN read. "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."
Lakers star player Luka Doncic reacted to the news by expressing his commitment to the team and excitement about potential new leadership. "Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA," Doncic posted. "I've gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together."
Jeanie Buss shared Doncic's post, adding, "Perfectly said."
The sale awaits approval from the NBA's board of governors. In a joint statement, Kushner and Iger expressed their honor and commitment to the franchise. "As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," they stated. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."
With the Buss family's stake now sold, Kushner and Iger will own approximately 83% of the franchise. Mark Walter, who is reportedly under federal investigation for alleged tax fraud concerning other companies he owns, also issued a statement regarding his departure. "Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," Walter said. "I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."
The White House has stated that the sale has no connection to President Trump or his administration, addressing questions that arose due to Joshua Kushner being the brother of Jared Kushner, President Trump's son-in-law.