Jeanie Buss is out: The dramatic decision at the Los Angeles Lakers

The Buss family has decided to sell the remaining 17.8% of its ownership shares in the Los Angeles Lakers to the new controlling owners, Josh Kushner and Bob Iger, according to a report by Shams Charania on ESPN this evening (Monday). As recalled, the two executed one of the most surprising deals in the history of American sports.

Once the deal is completed, Jeanie Buss will no longer hold the ownership percentage required to remain the controlling owner of the club, because according to NBA guidelines, a controlling owner or governor of a team must hold at least 15% of the club. Buss has served in the role since 2013, when she stepped into her father Jerry Buss's shoes after his death.

"As a family, we have decided to sell the remaining shares of the Buss Family Trust to Bob Iger's group as part of the ongoing deal. We love the Lakers, the Lakers fans, and we will continue to support Los Angeles, but the time has come to take this opportunity to move on and exit with dignity while we still can." — the family stated in an official release.

The Buss family trust, which includes siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse, achieved the majority required to allow the trustees to execute the sale. Four out of six votes were required to trigger the clause to join the deal for the sale of Mark Walter's stake to Kushner and Iger, a deal that valued the Lakers at 12.5 billion dollars.

Last June, the Buss family decided to sell to Walter at a valuation of 10 billion dollars, which was then a record for the sale of a professional sports club in the USA. However, according to sources familiar with the process, some family members felt frustrated and even claimed that Jeanie misled them regarding the deal, which they believed was done in haste. Those siblings felt that pressure was applied to them to vote in favor.

Ultimately, all six siblings voted in favor of the sale, according to Baxter Holmes of ESPN. The deal was completed at the end of October 2025, and each of the siblings received about half a billion dollars after taxes. The agreement with Walter allowed Jeanie to remain in the position of governor of the club until 2030, meaning for four more seasons, but the rest of her siblings were fired from their positions at the Lakers in the months that followed.

Walter, CEO and Chairman of the holding company TWG Global, held control of the Lakers for less than a year. His bid was unanimously approved by the NBA last October. Walter, who built his fortune in the insurance industry, is under federal investigation on suspicion of tax fraud related to other companies linked to him.

Kushner and Iger are acquiring about 65% of the club as part of the deal with Walter. After adding the Buss family's shares, they are expected to hold about 83% of the ownership of the Lakers.

The deal still requires the approval of the NBA Board of Governors — a process that may take time. The next board meeting is scheduled for September 15 and 16 in New York. Additionally, Kushner will need to sell his minority stake in the Miami Heat before the approval process can move forward.