Buss Family Sells Lakers Stake in Record-Breaking NBA Deal

The Buss family has finalized the sale of their remaining stake in the Los Angeles Lakers to businessmen Josh Kushner and Bob Iger. The transaction, valued at a record-breaking $12 billion (€10 billion) for the NBA, concludes the family's 47-year association with the club, which began in 1979.

With this agreement, the Buss family divested their final 17.8% ownership in the iconic California team. Consequently, Jeanie Buss will step down as the club's director, a position she has held since 2013, following the passing of her father, the legendary Jerry Buss.

The finalization of the sale, however, hinges on approval from the NBA's Board of Governors. Their next meeting is reportedly scheduled for September 15th and 16th, according to ESPN.

In a joint statement, the new owners expressed their enthusiasm. "As long-time fans of the NBA, we are deeply honored by the opportunity to become the controlling owners of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Kushner and Iger wrote.

It's worth noting that, in addition to the Buss family, businessman Mark Walter was already a part-owner, having acquired the majority stake in the team last October for $10 billion.

The decision to sell was confirmed by the Buss family themselves through a statement signed by siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse.

"We have decided, as a family, to sell the remaining Buss family trust to Bob Iger's group as part of the transaction being finalized. We love the Lakers, Lakers fans, and will continue to support the team. But now is the time to take this opportunity to pursue other challenges and exit in a way that is good for everyone, while we still can," the statement read.