Lakers Ownership Shift
Buss Family Sells Final Lakers Stake, Ending 57-Year Ownership Era
The Buss family has sold its remaining 17.8% stake in the Los Angeles Lakers to incoming majority owners Bob Iger and Joshua Kushner, ending a 47-year ownership run in Los Angeles. The sale values the franchise at a record-breaking $12.5 billion, making the Lakers the most valuable professional sports franchise in U.S. history. Sporting News reported the deal closes the book on one of the most storied family ownerships in American sports.
The five ousted Buss siblings — Jim, Johnny, Janie, Joey, and Jesse — voted 5-to-1 to trigger a
A Family Feud Forced the Final Sale
The seeds of this exit were planted in 2013, when Lakers patriarch Jerry Buss died and left a 66% stake in a trust split equally among his six children. Jeanie Buss became team governor, but clashes with her siblings over basketball decisions festered for years. When new majority owner Mark Walter took over in October 2025, his team fired five of the six siblings — Jesse, Joey, Jim, Johnny, and Janie — from their front-office roles in a single morning. Jeanie did not block it. Sporting News reported that moment permanently fractured the family.
The five fired siblings struck back on August 17, 2026. Their original trust agreement required just four of six votes to make decisions. They activated a
Mark Walter's Federal Probe Triggered the Chain Reaction
Walter had purchased the majority Lakers stake for $10 billion in June 2025. Less than 10 months later, he sold it to Iger and Kushner at $12.5 billion — pocketing a paper profit of roughly $2.5 billion. But the speed of the exit was not about profit. Federal prosecutors and the SEC are investigating whether Walter hid financial links while routing $20 to $21 billion in policyholder funds from life insurance companies he controls to fund his business empire. Federal agents seized his phone and computer.
Facing that scrutiny, Walter moved fast. The deal from agreement to close took just 72 hours, a pace that drew attention across the sports business world. Walter said in a statement that owning the Lakers was "one of the great honors of my life." The Buss family said in a joint statement: "It is time to use this opportunity to move on and exit gracefully while we still can." WBNG reported the NBA Board of Governors is set to formally approve the deal on September 15–16 in New York.
Jeanie Buss Loses Her Governorship Under NBA Rules
The sale carries a painful consequence for Jeanie Buss specifically. NBA rules require a team governor to own at least 15% of the franchise. When the trust sold its full 17.8% stake, Jeanie's personal holding dropped below that threshold. She will be forced to step down as governor, even though her original deal with Walter guaranteed her the role through 2030. Sporting News described it as the siblings' vote stripping Jeanie of the one thing she fought hardest to keep.
The five siblings will each receive a share of roughly $2.23 billion — the total payout for the 17.8% stake at the $12.5 billion valuation. Combined with the $500 million each sibling received from the initial 2025 majority sale, the Buss family's total exit from a franchise their father bought for $67.5 million in 1979 will generate billions in combined proceeds. The family won 11 NBA championships during their 47-year run — 10 under Jerry, and one under Jeanie in 2020.
Iger and Kushner Take Full Control of an $12.5 Billion Empire
Bob Iger brings deep entertainment and media power to the role. He runs Disney, one of the largest media companies on earth. Joshua Kushner founded Thrive Capital, a $5.2 billion venture capital firm. Together, their group now controls roughly 83% of the franchise. In a joint statement, the two said they are "deeply honored for the opportunity to become stewards of the Los Angeles Lakers" and pledged to "compete at the highest level." KCRG reported that Kushner must first divest his minority stake in the Miami Heat to gain final NBA approval.
Analysts expect big changes under the new ownership. General Manager Rob Pelinka's job security is seen as uncertain. A plan to integrate Lakers and Dodgers operations — including shared executives and a joint training facility — is now likely dead with Walter out. The franchise's valuation surged 25% in under ten months, anchored in part by young star Luka Dončić, who joined the team and is seen as the future cornerstone of the franchise. WLFI noted the Lakers are now the most valuable pro sports team in American history.
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