The Los Angeles Lakers were sold over the summer to Bob Iger and Josh Kushner. Mark Walter decided to flip the franchise he bought 14 months earlier for a massive profit. The sale was for a reported valuation of $12.5 billion.
Jeanie Buss’ role within the organization was unknown at the time of the sale. She got it in writing from Walter that she would remain the team governor until 2030. According to new reporting, it looks like the new ownership group will honor that agreement, with one big caveat.
Lakers Will Allow Jeanie Buss to Stay as Governor
According to ESPN’s Ramona Shelbourne, the Lakers will continue to honor that agreement with Buss, as long as she keeps her stake in the franchise. Currently, Buss owns 17.8 percent of the team as part of the family trust. NBA rules state that 15 percent ownership is needed to be a team governor.
Buss’ siblings are trying to sell the family trust’s shares as part of a go-along provision. Selling the trust’s shares would net each sibling around $800 million. Five of the six siblings voted to do that, with Jeanie being the lone sibling to vote against it.
If Jeanie is able to keep her siblings from selling the shares, it looks like Iger and Kushner will allow her to stay in charge of basketball decisions. She was part of the decision-making that allowed the team to land Luka Doncic in a stunning trade with the Mavericks.
The sale of the franchise is expected to either be done at the end of the year or early next year. By that time, there will be an answer on whether or not the Buss siblings are selling. Shelbourne mentions that there are settlement talks between Jeanie and her siblings.
If there is a settlement, it’s highly unlikely that Jeanie remains governor. That would allow Iger and Kushner to bring in someone else to run the team. Based on previous reporting, Kushner would likely act as the team’s governor and make personnel decisions.
Los Angeles is Trying Not to Let Outside Distractions Affect Them on the Court
With all of the noise around the team, the players are trying not to let those distractions affect them on the court. The Lakers have a lot of new players they are integrating. That includes three new starters, with the most exciting being Walker Kessler.
So far, the results have been excellent. LA has yet to lose a game, starting the season 3-0. Doncic has been one of the best players in the league, even dropping 50+ points against the Jazz. Kessler seems to be the perfect center to play alongside Doncic, as well.
Very early in the season, the Lakers have the best offense in the league. All of this is happening as the sale of the team is still being finalized. Despite outer turmoil, the Lakers are blocking out the noise and playing well.
Lakers to Honor Jeanie Buss Agreement With One Big Caveat