Sources: Jeanie out as Busses sell stake in Lakers

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The Buss family has decided to sell its remaining 17.8% ownership stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger, sources told ESPN on Monday.

Once the transaction is completed, Jeanie Buss will no longer have the required ownership percentage to remain governor because NBA guidelines require controlling owners/governors to own at least 15% of a franchise. She has been the governor of the Lakers since 2013, taking over after her father, Jerry Buss, died.

"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," the family said in a statement. "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."

The Buss family trust -- composed of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse -- received majority votes to allow trustees to execute the sale. It required four of six votes to enact the tag-along provision of Mark Walter's sale to Kushner and Iger, which valued the Lakers at $12.5 billion.

Last June, the Buss family made the decision to sell to Walter at a valuation of $10 billion, a then-record sale for a U.S. professional sports franchise. Multiple Buss siblings, however, felt frustrated at and misled by Jeanie over what they believe was a rushed sale to Walter, according to sources close to the process. Those siblings felt pressured to vote "yes."

Ultimately, all six siblings voted to go ahead with the sale, according to ESPN's Baxter Holmes. The sale closed in late October 2025, with the siblings each pocketing about a half billion dollars after taxes.

The agreement with Walter allowed Jeanie to remain governor of the franchise through 2030 -- she would have had four more seasons -- but her other siblings were terminated from their positions with the Lakers in the ensuing months.

"Jeanie told [her siblings] this sale to [Walter] was in the best interest of the long-term, but it ended up being an embarrassing one and it was time to move on cleanly," one person with knowledge of the process said.

Walter, the CEO and chair of diversified holding company TWG Global, ended up being the Lakers' majority owner for less than a year, as his bid was unanimously approved by the NBA last October. Walter, who built his financial empire in the insurance industry, is under federal investigations for alleged tax fraud by other companies tied to the billionaire.

Kushner and Iger are purchasing approximately 65% of the franchise in their deal with Walter. With the shares from the Buss family, their ownership stake will be roughly 83%.

The sale still will need approval from the NBA's board of governors, which could take time. The next board meeting is set for Sept. 15 and 16 in New York. Kushner also must sell his limited equity in the Miami Heat before the BOG approval process.