The Los Angeles Lakers were sold by Mark Walter to Bob Iger and Josh Kushner. The reported valuation of the sale was near $12.5 billion, which is $2 billion more than Walter bought it from the Buss family for. The Buss family still controlled a minority stake.
After Walter decided to sell, the future of the Buss family’s involvement with Los Angeles was uncertain. Jeanie Buss was supposed to be the team’s governor for another four years, but that was thrown into question. Now, the Buss family has sold their remaining shares of the team.
GettyLos Angeles Lakers owner Jeanie Buss poses for a photo. (Photo by Robin L Marshall/Getty Images)
Buss Family Sells Their Shares of the Lakers
According to Shams Charania of ESPN, the Buss family has decided to sell their remaining shares of the team to Iger and Kushner. They still owned 17.8 percent of the franchise after Walter bought the rest. Now, they are fully giving up their ownership in the team.
This means that Jeanie Buss will no longer be the team’s governor once Iger and Kushner assume control. Buss will not have enough ownership stake to be the team’s governor. The NBA still has to approve the sale, which likely won’t be for months. Even so, it looks as though Iger and Kushner are set to own the entire franchise.
This is a stunning turn for the Buss family, who were one of the few remaining families to run a team. They have now completely exited the world of the NBA. The family needed just four out of six family members to enact this provision that allows them to sell, and that’s what happened.
Who Iger and Kushner bring in to run the team remains to be seen. They could run the team together and decide what moves need to be made. With the Buss family gone, the future of Rob Pelinka as GM is now up in the air, as well. He was retained by Walter after being hired by the Buss family.
GettyLos Angeles Lakers guard Luka Doncic dribbles the ball in a game. (Photo by Ronald Martinez/Getty Images)
What This Means for Los Angeles On the Court
As far as what this means for the Lakers on the court, there could be some major changes to the game-day operations. The Buss family still had some say in how things were done in that regard. They released a statement on the decision to sell.
“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.”
Luka Doncic and the rest of the players who are the core of the team likely won’t have any effect on their futures. However, some of the role players could feel additional pressure to show their worth to new ownership once the sale is final.
Buss Family Decides to Sell Remaining Lakers Shares in Stunning Move