Buss family intends to sell remaining stake in Lakers despite Jeanie Buss’ opposition

Buss Family Intends to Sell Lakers Stake

Cybersecarmor.com – The Buss family intends to sell its final 17.8 percent ownership interest in the Los Angeles Lakers, handing those shares to the Kushner-Iger investment group that already controls the majority of the franchise. Announced on Monday, August 17, the divestiture closes a 47-year chapter that opened when Jerry Buss bought the team in 1979 and fundamentally alters the governance of one of the NBA’s most storied organizations.

“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. 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 family framed the departure as a deliberate, dignified choice. Yet the announcement lands amid internal dissent that could complicate the transaction considerably.

Jeanie Buss Files a Legal Challenge

Jeanie Buss, daughter of the late Jerry Buss, has formally opposed the divestiture. Through a letter delivered by her attorneys at Sheppard, Mullin, Richter & Hampton, she contends that selling the minority stake would violate the terms of the family trust. The correspondence was directed to counsel representing her siblings and invokes a 2017 ruling from the Los Angeles Superior Court, which she cites as establishing her position as the controlling owner of the family’s interest.

Her lawyers argue that any attempt to override that court-recognized authority “would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.” If the dispute escalates, the sale could face litigation between Jeanie and her siblings, introducing uncertainty into a transaction already expected to proceed through NBA approval channels.

How the Kushner-Iger Group Reached Full Control

The path to complete ownership unfolded in rapid succession over roughly ten months. In June 2025, Mark Walter — co-owner of the Los Angeles Dodgers and chief executive of TWG Global — completed a purchase of the Lakers’ majority stake from the Buss family. The Busses retained a minority position at that point. Then, on Wednesday, August 12, Kushner and Iger stunned the basketball world by signing a purchase agreement for the entire franchise at a record-setting $12.5 billion, just days before the family’s Monday announcement.

With the addition of the 17.8 percent stake, the Kushner-Iger group will command north of 82 percent of the franchise. The transaction still requires ratification by the NBA’s board of governors. The next board session is scheduled for September in New York, though a formal vote on the ownership transfer may not occur at that sitting. Approval demands a supermajority: at least 23 of the league’s 30 owners, representing 75 percent of the vote.

Family Trust Vote and the Governor Question

The decision to sell was not unanimous within the Buss household. The six children of the late Dr. Jerry Buss cast votes under the structure of the family trust, and the transaction required four of six affirmative votes. Monday’s outcome reflects that threshold being met, though the dissenting position — embodied by Jeanie’s legal challenge — means the family’s exit is not without friction.

One immediate consequence of the sale is Jeanie Buss’s removal from the governor role. When Walter acquired the majority stake in June 2025, he had agreed to permit Jeanie to continue serving as governor through the 2030 season. On Wednesday, Iger told the California Post that he and Kushner had “every intention to honor” that arrangement. However, NBA governance rules require a governor to retain at least a 15 percent ownership interest in the franchise. Once the Buss shares transfer, that threshold falls below the mandated floor, and Jeanie can no longer occupy the seat. Who will assume the governor role going forward remains undetermined.

What the Buss Era Built

To appreciate the magnitude of this transition, the scale of what the family accomplished warrants context. Jerry Buss acquired the Lakers in May 1979 for $67.5 million — a package that also included the NHL’s Los Angeles Kings and the Great Western Forum arena in Inglewood, California, where both teams played. Under his leadership and that of his successors, the franchise entered its “Showtime” era and sustained a level of competitive dominance rare in professional sports history.

Frequently Asked Questions

When will the ownership transfer be finalized? The deal requires NBA board approval, which demands votes from at least 23 of 30 owners. The next board session is set for September in New York, but a formal vote may not occur at that sitting.

Can Jeanie Buss block the sale? She has filed a legal challenge arguing the divestiture breaches the family trust and contradicts a 2017 Los Angeles Superior Court ruling. Whether her claim halts or delays the transaction depends on how the courts rule.

What happens to Jeanie’s governor role? NBA rules require a governor to hold at least 15 percent ownership. Once the Buss shares transfer to the Kushner-Iger group, that threshold is no longer met, ending her eligibility for the seat.

How much did the full franchise sell for? Kushner and Iger signed a purchase agreement for the entire Lakers organization at $12.5 billion on August 12, 2025, a record price for an NBA franchise.