End of an Era: Buss Family Sells Remaining Lakers Stake, Issues Telling Statement on Exit

The move ends nearly five decades of family ownership, removes Jeanie Buss as team governor and raises new questions about the Los Angeles Lakers’ future.

Feb 22, 2026; Los Angeles, CA, USA; Los Angeles Lakers governor Jeanie Buss watches at unveiling of statue of former Lakers coach Pat Riley at the Crypto.com Arena. Mandatory Credit: Kirby Lee-Imagn Images | IMAGN IMAGES via Reuters Connect

The Los Angeles Lakers have been sold for the second time in 14 months, with majority owner Mark Walter, who also owns the Los Angeles Dodgers, agreeing to sell the storied NBA franchise to Bob Iger and Josh Kushner for a record-setting $12.5 billion.

This was a shocking move, with Walter seemingly dedicated to following the Dodgers’ blueprint for success with the Lakers. The 66-year-old has owned the Dodgers since 2012, resulting in the team winning three World Series titles while currently attempting to pull off a three-peat.

That vision will reportedly continue for the time being with Iger and Kushner at the helm. However, it won’t include the Buss family.

Buss Family Agrees to Sell Remaining Ownership Stake

According to Shams Charania of ESPN, the Buss family has agreed to sell their remaining stake in the team that Dr. Jerry Buss bought back in 1979.

Breaking: The Buss family has decided to sell its remaining 17.8% ownership stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger, sources tell ESPN. 

The Buss family trust -- composed of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse -- received… pic.twitter.com/hPVqOvsuZ0

— Shams Charania (@ShamsCharania) August 17, 2026

The Buss family made the following statement about the decision to sell their stake in the team, via Charania.

"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."

What Does the Buss Family Selling Their Stake Mean for Jeanie Buss?

According to Charania, Jeanie Buss will no longer serve as the Lakers' governor following this family move.

Once the announcement was made that Iger and Kushner would be buying the team from Walter, attention turned to Jeanie Buss, who has been running the show since her father's passing in 2013.

Now she’s out as team governor, officially marking the end of an era for the franchise.

Will Rob Pelinka Remain Lakers’ General Manager?

With the Buss family moving on, uncertainty looms large in Los Angeles, especially when it comes to the status of Rob Pelinka, who has been the team’s general manager since 2017 and helped make some crucial moves in the franchise’s history, like signing LeBron James and trading for superstars Anthony Davis and Luka Doncic.

There’s bound to be more clarity on this situation for the Lakers after this latest development, with Pelinka’s future likely being addressed sooner rather than later.

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