The Los Angeles Lakers’ recent $12 billion sale to Bob Iger and Jared Kushner might finally end the decades-long leadership of the Buss family.
Lakers Governor Jeanie Buss sold the franchise for $10 billion to an ownership group led by Mark Walter, who would sell the franchise for a $2 billion profit a year after buying it.
Walter’s exit has prompted the Buss family to sell their remaining 17.8% stake in the franchise to the new owners as well. While Jeanie is contesting this, if it goes through, she will be forced to step down as team Governor.
Jeanie Buss ensured she remained Governor when she sold to Mark Walter, but might lose that now
After Mark Cuban failed to retain his position as Governor of the Dallas Mavericks after selling in 2023, Jeanie ensured her position was protected in writing after selling to Walter.
She might have been able to retain that role under Iger and Kushner, but with her family trying to sell their remaining stake by outvoting her, it means NBA rules will force her to give up being Governor.
“Once the transaction is completed, Jeanie Buss will no longer have the needed ownership percentage to remain governor because NBA guidelines require controlling owners/governors to own at least 15% of a franchise.”
The Buss family has been part of the Lakers ownership structure since 1979, and if the siblings’ move to sell the remaining 17.8% to Iger and Kushner goes through, they’ll officially no longer be a part of the Lakers in any way.
Iger and Kushner’s ownership group would control about 83% of the Lakers after absorbing the Buss’ share, purchasing 65% of the franchise from Walter.
Jeanie Buss is fighting her family’s decision to sell remaining Lakers stake
After ESPN reported that the Buss family will be selling their remaining ownership stake in the franchise, Jeanie Buss issued a legal statement about how they cannot do that without her approval as a co-trustee of the family trust their father, Jerry Buss, placed the Lakers in.
Jeanie’s status as controlling owner has allowed her to retain control over the franchise despite multiple legal disputes between her and her brothers over how the organisation was being run.
The trust outlines that the co-trustees (Jeanie, Joey, and Janie Buss) are bound to vote to ensure the minimum 15% ownership requirement is maintained so Jeanie Buss remains the Controlling Owner.
With that status and her position as the Lakers Governor threatened, the Buss family’s share will likely be in the courts before it can be sold to the new owners, if ever.
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