The sudden sale of the Los Angeles Lakers has taken another twist after the Buss family decided to sell its remaining ownership stake to the new buyers.
Joshua Kushner and Bob Iger are purchasing the franchise from Los Angeles Dodgers owner Mark Walter, in a deal valuing the team at $12.5 billion, just a year after he paid a then-record $10 billion.
And the duo will also buy the remaining 17.8% stake still owned by The Buss family trust made up of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse after the proposal received the majority four of six votes needed to execute the sale.
The move means Jeanie Buss will no longer be able to remain governor and will step aside from the franchise she took controlling ownership of after her dad, Jerry, died in 2013. NBA guidelines state controlling owners and governors must own at least 15% of the franchise.
A statement to ESPN read: ‘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.
‘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.’
Jeanie Buss will no longer be a governor of the Lakers after the family sold its 17.8% stake
The Buss family sold the franchise to Mark Walter in a deal valuing the team at $10 billion
Joshua Kushner and Bob Iger are buying the franchise, valuing it at $12.5 billion
After news of former Disney CEO Iger and venture capitalist Kushner buying the franchise was made public last week, Buss gave an indirect reaction by responding to a post from star player Luka Doncic.
Doncic reacted: ‘Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA. I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise.
‘I look forward to meeting Josh and Bob so we can get to work building something special in LA together.’
Buss shared the post and wrote: ‘Perfectly said.’
The sale still must be approved by the NBA’s board of governors, but in a statement announcing the deal, agreed in a short time frame, Kushner and Iger wrote: ‘As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.
‘We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.’
Approximately 65% of the franchise is changing hands in the deal with Walter, while the Buss family deal means Kushner and Iger will have an ownership stake of around 83%.
Outgoing owner Walter, who is under federal investigations for alleged tax fraud by other companies he owns, also issued a statement last week saying: ‘Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family.
‘I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.’
The White House stated the sale ‘has nothing to do with President Trump or his administration’ after question marks were raised given Joshua Kushner is the brother of Trump’s son-in-law, Jared Kushner.
