Five of the six Buss family siblings have voted to sell their remaining share of the Los Angeles Lakers, which they had previously retained after selling a majority stake to Mark Walter last year. The siblings, Johnny, Jimmy, Janie, Joey, and Jesse, will sell their share to Josh Kushner and Bob Iger, who recently acquired Walter’s majority stake. Jeanie Buss, the team’s governor, is the only sibling opposed to the sale. The Buss family expressed in a statement their commitment to what they believe is best for the Lakers and the Los Angeles community. The family currently owns a 17.8% stake in the franchise, which was originally purchased by their father, Dr. Jerry Buss, in 1979. The sale values the Lakers at a record $12.5 billion, following Walter’s previous acquisition of his share for $10 billion last year.
Why It Matters
The sale of the Buss family’s remaining stake in the Lakers marks a significant shift in ownership for one of the most iconic franchises in sports history. The Lakers, under Dr. Jerry Buss’s leadership, won 10 NBA championships and became a symbol of success in professional basketball. This transition comes after years of challenges for the team, including a six-season playoff drought before Jeanie Buss took over as governor. The record valuation of $12.5 billion for the Lakers reflects the franchise’s immense market appeal and the growing financial landscape of professional sports ownership.
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