The sale has ended the family's involvement with the franchise for the first time since 1979.
The Los Angeles Lakers are entering completely uncharted territory.
The Buss family trust voted to sell its remaining 17.8% ownership stake to incoming majority owners Bob Iger and Josh Kushner, according to ESPN's Shams Charania.
The move ends a 47-year run of Buss family ownership that produced 11 championships and turned the Lakers into one of the most valuable brands in sports.
What the Sale Means
The biggest immediate consequence is that Jeanie Buss can no longer serve as governor.
NBA rules require governors to hold at least 15% of a franchise, and once the deal closes her stake drops to zero.
That is a sharp reversal from what Iger said just days ago, when he said he intended to honor the agreement keeping Buss as governor for at least five more years.
The family's statement was direct, saying it was time to "move on and exit gracefully while we still can."
The Chain of Events
The dominos started falling in June 2025, when the family first sold a majority stake to Mark Walter for a then-record $10 billion.
Walter was expected to bring a Dodgers-style winning blueprint to the Lakers, but just 14 months later he flipped his stake to Iger and Kushner for $12.5 billion in a deal that came together in roughly 72 hours.
Walter is currently under federal investigation over billions in loans tied to insurance companies he controls, and the timing of his sale has drawn plenty of speculation.
With a completely new ownership group stepping in, the Buss family decided to cash out through a tag-along provision in the original deal.
At the $12.5 billion valuation, their 17.8% stake is worth roughly $2.225 billion.
How This Affects the Lakers
The Lakers went 53-29 last season under JJ Redick, finishing fourth in the West before getting swept by OKC in the second round.
This offseason brought a massive roster overhaul after LeBron James left, and the franchise rebuilt around Luka Dončić, who led the NBA with 33.5 points per game in 64 games, and Austin Reaves, who averaged 23.3 points and 5.5 assists in 51 games.
Dončić signed a three-year, $165 million extension through 2028, making it clear the on-court foundation is set.
The front office is where the uncertainty is.
Rob Pelinka assembled the new roster, but both he and Redick were hired under previous ownership.
Iger admitted he has no concrete plans yet for how he and Kushner will run the franchise, and reports have already linked Chris Paul to a possible front-office role through his relationship with Iger.
With the Board of Governors vote expected in September, the Lakers head into the season with eleven new players, a second-year coach and owners still figuring out what they bought.
