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Buss family agrees to sell Lakers shares to Iger, Kushner group
Fox Business • • general
Key Points:
- The Buss family has agreed to sell their remaining 17.8% ownership stake in the Los Angeles Lakers to Bob Iger and Josh Kushner, following Mark Walter's recent sale of his majority stake to the same group.
- The family trust, comprising siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse Buss, voted in favor of the sale to enact the tag-along provision linked to Walter's transaction, which valued the Lakers at $12.5 billion.
- Once the sale is finalized, Jeanie Buss will no longer be required to hold an ownership stake to remain the Lakers' governor, marking the family's exit from ownership after decades.
- The sale follows Mark Walter's surprise decision to sell his majority stake amid a federal investigation involving the Guggenheim Partners CEO, with reports of FBI seizures of his devices and those of a senior executive.
- With the addition of the Buss family's shares, Iger and Kushner will control approximately 83% of the Lakers, significantly increasing their ownership from the 65% stake acquired from Walter alone.
