The new owners of the Los Angeles Lakers are consolidating their control over the franchise and amplifying their stake in the team.
The Buss family agreed to sell its remaining 17.8% stake in the franchise on Monday, Aug. 17 to new majority owners, businessman Joshua Kushner and former Disney CEO Robert Iger.
“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 Buss family said Monday 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.”
This comes just days after Kushner and Iger stunned the NBA world by agreeing to a purchase agreement of the Lakers for a record $12.5 billion on Wednesday, Aug. 12, which came just 10 months after Los Angeles Dodgers co-owner and TWG Global CEO Mark Walter bought the team from the Buss Family.
This article originally appeared on USA TODAY: Buss family will sell remaining stake in Los Angeles Lakers