The Buss family is selling its remaining 17.8% stake in the Los Angeles Lakers to Josh Kushner and Bob Iger, ending 47 years of family ownership and removing Jeanie Buss as team governor.
Here is what actually happened. In 2021, Phil Anschutz sold his 27% stake in the Lakers to Mark Walter and Todd Boehly — and a right of first refusal on any future Lakers shares transferred with it. That meant when the Buss family eventually sold, Walter had to be their first call rather than the highest bidder. In June 2025 the family sold a controlling stake to Walter at a $10 billion valuation, with Jeanie Buss keeping the governor role for five years.
Fourteen months later, Walter agreed to sell to Kushner and Iger at a $12.5 billion valuation — a 25% jump. That sale carried a tag-along provision requiring four of the six Buss siblings to sign off, and the family’s final shares went with it. Because NBA guidelines require a governor to hold at least 15% of a franchise, Jeanie Buss loses the role she has held since 2013.
Jerry Buss bought the Lakers in May 1979 for $67.5 million. The transaction still requires NBA Board of Governors approval, with the next meeting set for September 15-16.
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