End of a Dynasty: Buss Family Sells Last Lakers Stake, Jeanie Out as Governor

The Buss family is leaving the building — for good. Sources told ESPN on Monday that the family has agreed to sell its remaining 17.8% stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger.

That deal doesn't just change the ownership ledger. It ends Jeanie Buss' run as governor. Why? NBA rules require a team's controlling owner/governor to hold at least 15% of the franchise. Once the transaction closes, Jeanie no longer meets the threshold — and the woman who has run the Lakers since her father Jerry Buss died in 2013 is out.

Family Statement: 'Exit Gracefully'

"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 trust — made up of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse — had the votes to execute the sale. It took four of six to trigger the tag-along provision in Mark Walter's sale to Kushner and Iger, a deal that valued the Lakers at a massive $12.5 billion.

Fractured Family Behind the Scenes

This didn't just happen overnight. The Buss family initially agreed to sell to Walter at a $10 billion valuation — a then-record for a U.S. pro sports franchise. The sale closed in late October 2025, with each sibling pocketing roughly half a billion dollars after taxes.

But not everyone felt good about it. Multiple siblings believed Jeanie rushed the Walter deal and felt misled, according to sources close to the process. They felt pressured to vote "yes." The Walter agreement allowed Jeanie to stay governor through 2030, but her siblings were removed from their roles in the months after the sale.

"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.

What's Next for the Purple and Gold?

Walter's run as majority owner lasted less than a year. He's now under federal investigations for alleged tax fraud tied to other companies linked to the billionaire.

Kushner and Iger are buying roughly 65% of the franchise from Walter. Add the Buss family's 17.8% and their total stake sits at about 83%.

Still, this isn't official yet. The sale needs approval from the NBA's board of governors, with the next board meeting set for Sept. 15-16 in New York. And before that approval can happen, Kushner must sell his limited equity stake in the Miami Heat.

This is the end of an era. The Buss family name may still echo around Los Angeles, but the front office? It just got a serious changing of the guard.