Topline
The Buss family, the longtime owners of the Los Angeles Lakers, will sell their remaining stake in the iconic team to Josh Kushner and Bob Iger, according to multiplereports, expanding the pair’s control over the team even further after they agreed to purchase the Lakers for $12.5 billion from billionaire Mark Walter last week.
Jeanie Buss, governor of the Los Angeles Lakers, attends a 2021-2022 season kick-off event.
Los Angeles Times via Getty Images Allen J. SchabenKey Facts
The Buss family will sell its 17.8% stake in the Lakers, according to ESPN, which noted owner Jeanie Buss, the daughter of former team owner Jerry Buss, will lose her role as team governor under NBA rules requiring owners/governors to own at least 15% of a team.
The beneficiaries of the Buss family trust, which is made up of Jerry Buss’ six children, held a vote last week about selling the remaining stake, The Athletic reported, adding Jeanie Buss, Janie Buss and Joey Buss will be responsible for enacting the actual sale.
The intent to sell comes shortly after Lakers owner Mark Walter suddenly agreed to sell the team to Kushner and Iger last week amid a federal fraud investigation, giving them a roughly 65% stake in the team.
If the Buss family successfully sells the remaining stake to Kushner and Iger, the two will have a combined stake of about 83%.
Big Number
$10 billion. That is how much Forbes estimated the Lakers’ value at in January, when the team ranked No. 18 on Forbes’ list of the world’s most profitable sports teams.
Key Background
Walter, who is the controlling owner of the Los Angeles Dodgers and the Los Angeles Sparks, agreed to sell the Lakers to Kushner and Iger last week for $12.5 billion just 14 months after he purchased the team when it was valued at $10 billion. Federal investigators are probing whether insurance firms owned by Walter improperly funnelled money to other companies of his. The timing of the investigation and his sale of the Lakers provoked conspiracy theories claiming the federal inquiry may have benefited Kushner, who is the brother of President Donald Trump’s son-in-law Jared Kushner. Sports team owners typically keep or stay in business with their teams for decades, further fueling speculation around Walter’s decision to sell. Amid concerns that Josh Kushner, a Democrat, was benefiting from his link to the president, the White House said he “has nothing to do with President Trump or his administration."
Further Reading
Why Mark Walter—Facing Federal Scrutiny And Trump Conspiracy Theories—May Have Sold The Lakers (Forbes)
Mark Walter May Sell Chelsea Stake After Sudden Lakers Sale, Report Says (Forbes)
This article was originally published on Forbes.com