Buss Family Sells Remaining 17.8% Stake in Los Angeles Lakers
The Buss family has decided to sell its remaining 17.8% ownership stake in the Los Angeles Lakers to new majority shareholders Josh Kushner and Bob Iger.
The transaction is based on the follow-on terms from last week when Mark Walter sold the controlling stake at a valuation of $12.5 billion. The Buss family trust consists of Jerry Buss's six children and requires a four-vote majority, which has now received sufficient support.
Kushner and Iger acquired about 65% of the shares from Walter last week, and after this acquisition, their total holdings will reach approximately 83%. The NBA requires team governors to hold at least 15% equity, meaning Jeanie Buss will lose her governor position.
The Buss family stated that they have decided to sell the remaining shares and exit gracefully, while expressing their continued love for the Lakers and Los Angeles. Jerry Buss purchased the team in 1979, and the family has held shares for 47 years, during which the Lakers won 11 championships.
Jeanie Buss is contesting the vote through her lawyer, claiming that as a controlling shareholder, she should have the right to veto. Walter himself quickly resold the team last week due to a federal investigation, having previously acquired the controlling stake from the Buss family in 2025 at a valuation of $10 billion.
This represents a market-driven concentration of ownership due to follow-on terms. Private equity and entertainment capital are accelerating the consolidation of top NBA assets, shifting funds from long-held family ownership to institutional control; the beneficiaries are the new majority shareholders and their valuation premiums, while the original family governance structure and traditional fan emotional ties are under pressure.
Source: Public Information
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Jerry Buss purchased the Lakers in 1979 for $67.7 million, creating the "Showtime" dynasty and establishing the family control model. After his death in 2013, Jeanie Buss took over as governor, and in 2025 the family sold the controlling stake to Mark Walter, retaining minority shares and a governance agreement until 2030. This follow-on sale marks the complete end of the family era, driven by majority voting within the trust and external transaction terms.
In terms of capital pathways, Kushner has accumulated technology and sports investment resources through Thrive Capital, while Iger enters with long-term operational experience from Disney. Their motivation is to lock in the NBA franchise with the highest commercial value at a record valuation, leveraging media, branding, and the Los Angeles market synergy. Walter's rapid exit due to the investigation accelerated the transfer of ownership from family to institutional capital.
Similar cases include other NBA teams transitioning from founding families to private equity or corporate groups, such as the ownership changes of the Suns and Bucks. The NBA is currently experiencing a surge in valuations and a phase of institutional ownership, with top teams becoming targets for high-net-worth and corporate capital.
Essentially, this is about capital concentration. The follow-on mechanism of family trusts and the NBA's minimum ownership requirements jointly drive the rapid concentration of control, allowing long-term emotional ties and local governance to give way to financial and strategic control. The mechanism is triggered by high-valuation transactions that activate passive exit clauses, permanently altering the team's ownership structure.
ABAB News · Cognitive Law
Follow-on terms end the family era
Valuation premiums accelerate control transfer
Minimum ownership thresholds determine governance rights