Buss Family to Sell Remaining Stake in Lakers to Kushner and Iger

The Buss family has announced plans to sell their remaining 17.8% stake in the Los Angeles Lakers to the new ownership group led by Joshua Kushner and Bob Iger. This decision follows controlling owner Mark Walter's agreement to sell his majority stake in the team.

To proceed with the sale at a valuation of $12.5 billion, at least four of the six Buss siblings needed to approve the transaction. The siblings expressed their love for the Lakers and the fans while stating that it was time to move on.

This sale marks the conclusion of the Buss family's involvement with the Lakers, which began in 1979 when Jerry Buss acquired the team. Jeanie Buss, who has served as the team's governor, will no longer meet the 15% ownership requirement to retain that role once the sale is finalized. It is expected that either Kushner or Iger will assume the governor position thereafter.