The Buss family has agreed to sell its remaining 17.8% stake in the Los Angeles Lakers to incoming majority owners Josh Kushner and Bob Iger. The move will end Jeanie Buss's tenure as team governor, a role she has held since 2013.

NBA guidelines require controlling owners to hold at least 15% of a franchise, a threshold Buss will no longer meet once the sale is finalized. The Buss family released a statement addressing the decision.

"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. "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 trust, comprising siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse, secured the four votes needed among six trustees to execute the sale under a tag-along provision tied to Mark Walter's original agreement with Kushner and Iger. That transaction valued the Lakers at $12.5 billion.

The family had previously sold the franchise to Walter last June at a $10 billion valuation, a record at the time for a U.S. professional sports franchise. Sources close to the process said several siblings felt frustrated with Jeanie and pressured into approving what they viewed as a rushed sale, though all six ultimately voted in favor.

The original sale closed in October 2025, with each sibling netting roughly half a billion dollars after taxes. The agreement had allowed Jeanie to remain governor through 2030, though other family members were removed from their team positions in the months that followed.

Kushner and Iger are acquiring approximately 65% of the franchise through their deal with Walter. Adding the Buss family's shares would bring their combined ownership to roughly 83%. The transaction still requires approval from the NBA's board of governors, which next meets Sept. 15-16 in New York.

The Buss family has owned the Lakers since Jerry Buss purchased the team in May 1979. Under his leadership and that of his children, the franchise won 11 NBA championships, most recently in 2020.