47 years, 11 championships, 2,289 wins. That's the tally the Buss family has racked up since Jerry Buss bought the Los Angeles Lakers back in 1979. And this run is about to officially come to a close this September.
According to ESPN's Shams Charania, the Buss family has agreed to sell its remaining 17.8% stake in the Lakers, with Josh Kushner and Bob Iger as the buyers. The deal values the Lakers at $12.5 billion, and brings Kushner and Iger's combined ownership stake to roughly 83%, following their earlier acquisition of Mark Walter's majority share.
A direct consequence of the ownership change is that Jeanie Buss will have to step down as team governor, a role she's held since taking over from her father Jerry Buss after his passing in 2013. Under NBA rules, whoever holds governance control over a team must own at least 15% of it. Once this deal closes, the Buss family's stake will fall below that threshold, making it impossible for her to keep the position.
Looking back at the Buss family's era running the Lakers, since Jerry Buss bought the team in May 1979, the franchise has won 11 NBA championships and racked up the most wins in league history. That's exactly why this sale is being seen as the end of an era, not just another change of ownership.
The deal still needs approval from the NBA Board of Governors, which is set to meet in New York on September 15 and 16. On top of that, Kushner will need to divest his limited ownership stake in the Miami Heat before the deal can fully go through.
