The Buss family is moving to sell its remaining minority stake in the Los Angeles Lakers, a step that could end nearly five decades of family involvement with one of the NBA’s most recognizable franchises. Jeanie Buss, who has led the organization since her father Jerry Buss died in 2013, is challenging the proposed sale.
Buss Family Trust Approves Intent to Sell Lakers Shares
Multiple sources familiar with the private discussions said the Buss family trust recently secured enough votes to approve an intent to sell its remaining 17.8% interest in the Lakers.
The trust’s beneficiaries are six of Jerry Buss’ children: Jeanie, Jim, Johnny, Janie, Joey and Jesse Buss. Four votes were required for approval, according to a source who requested anonymity because of the deal’s sensitive nature.
The trust’s three trustees—Jeanie, Janie and Joey Buss—would be responsible for carrying out any transaction.
The development follows an agreement by Lakers majority owner Mark Walter to sell an ownership interest to former Disney chief executive Bob Iger and investor Josh Kushner. That transaction reportedly valued the franchise at $12.5 billion.
Jeanie Buss Challenges Reported Vote
Hours after the trust’s plans became public, an attorney representing Jeanie Buss sent a letter to lawyers for her siblings disputing the process.
The letter demanded that Jeanie Buss be publicly identified as the Lakers’ controlling owner and stated that “the trust shall take no action on this supposed ‘vote’ to sell the 17.8% stake.”
Her attorney denied that a valid vote had occurred and argued that the trust does not have the legal authority to sell its remaining interest in the franchise.
Neither Lakers representatives nor Jeanie Buss immediately provided additional public comments. An NBA spokesperson declined to comment.
Proposed Sale Could Affect Lakers Governor Role
Jeanie Buss could lose her position as Lakers governor if the family trust completes the sale. NBA rules generally require a governor in her situation to hold at least a 15% ownership interest.
Buss retained the governorship for at least five years under the 2025 agreement that transferred controlling ownership to Walter. However, selling the family’s remaining stake would reduce its ownership below the threshold required for her to continue in the role.
Family’s Lakers Role Has Narrowed Since 2025 Sale
The Buss family trust voted in June 2025 to sell its controlling interest to Walter in a deal that valued the Lakers at $10 billion. The family retained a minority stake of approximately 18%, while Jeanie Buss remained governor.
Other family members subsequently left their positions within the organization. Joey Buss was dismissed as alternate governor, while Jesse Buss was removed from his role as assistant general manager in November.
Last week, the family reportedly received notice from Lakers financial executive Joe McDougall about a proposal to dissolve the existing family trust and establish a new one. The proposed structure would have prevented the shares from being sold for more than four years, according to a source familiar with the internal discussions.
Talks about a potential sale began the following day. Walter’s agreement with Iger and Kushner was reported shortly afterward.
Remaining Stake Could Be Worth About $2.25 Billion
At the reported $12.5 billion franchise valuation, the Buss family trust’s 17.8% interest would be worth approximately $2.23 billion. A completed transaction would formally end the family’s ownership connection to the Lakers, which began when Jerry Buss purchased the team in 1979.
Under Buss family ownership, the Lakers became one of the NBA’s most successful and commercially valuable franchises, winning championships across the “Showtime” era, the Kobe Bryant and Shaquille O’Neal years, and the LeBron James era.
Walter Reportedly Reviews Other Sports Investments
The potential Lakers transaction comes as Walter reportedly considers changes to parts of his broader sports portfolio. His holdings include the Los Angeles Sparks, the Professional Women’s Hockey League and an interest in English Premier League club Chelsea F.C.
Walter is also an owner of Major League Baseball’s Los Angeles Dodgers. His Dodgers investment is not expected to be affected, according to previous reporting by The Athletic.
Separately, The Wall Street Journal has reported that the U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission have investigated insurance companies owned by Walter. The report said federal investigators became interested after an internal whistleblower complaint involving revenue recorded by his asset-management firm, Guggenheim Investments. No allegation of wrongdoing has been established in connection with the Lakers transaction.
“The Buss family is deeply honored to have looked after this incredible organization for almost half a century,” Jeanie Buss said after the 2025 sale to Walter. “From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style.”
Any sale of the family’s remaining stake now faces a potentially significant legal and governance dispute, leaving both Jeanie Buss’ future role and the Buss family’s final departure from the Lakers unresolved.