Dr. Patrick Soon-Shiong to Keep 4% Lakers Stake Amid $12.5 Billion Sale

Dr. Patrick Soon-Shiong is retaining his 4% minority stake in the Los Angeles Lakers despite a $12.5 billion franchise valuation.

Dr. Patrick Soon-Shiong, the 74-year-old surgeon and businessman with a net worth exceeding $15 billion, will not sell his 4% minority stake in the Los Angeles Lakers. This confirmation comes via his attorney, Chuck "Tiger" Kenworthy, following Mark Walter’s sale of his majority ownership to Bob Iger and Josh Kushner. Soon-Shiong originally entered the Lakers ownership group in 2010 by purchasing his shares from Hall of Famer Magic Johnson.

While Soon-Shiong remains committed to his position, five of the six Buss siblings—Johnny, Jimmy, Janie, Joey, and Jesse—have moved to sell their collective 17.8% interest in the team. This transaction aligns with a $12.5 billion franchise valuation, the same figure Iger and Kushner paid to Walter. The siblings are utilizing a tag-along provision established during the previous sale to Walter, which permits them to roll their equity into subsequent transactions at the updated market rate.

Ownership Structure and Legal Disputes

Jeanie Buss, the franchise's acting governor, stands as the sole holdout among the siblings, currently contesting the sale of the family's remaining shares. Her legal representative, Adam Streisand, cites a 2017 court ruling stating that no transfer of Buss family shares can be effectuated without the unanimous approval of co-trustees Jeanie, Janie, and Joey Buss. If the sale by her five siblings proceeds, Jeanie’s personal ownership would drop to just under 3%.

Under NBA guidelines, an acting governor must hold a minimum 15% stake in the franchise. To maintain her current role, Jeanie would need to acquire an additional 12% of the team. With Soon-Shiong’s 4% off the market, the only other existing minority partner is Ed Roski Jr., who controls approximately 3% of the organization. Reaching the 15% threshold would likely require Iger, Kushner, or her siblings to sell shares back to her.

Leadership Transitions and Front Office Roles

The transition of power from Mark Walter to the Iger-Kushner group follows an October ratification by the NBA Board of Governors. Before Walter’s initial acquisition, four Buss family members held active roles: Jeanie as governor, Janie as Lakers Youth Foundation administrator, Joey as alternate governor and VP of research and development, and Jesse as assistant general manager. Following that sale, only Jeanie remained in her post under a five-year guarantee from Walter.

Bob Iger told the California Post that he intends to honor the existing five-year agreement with Jeanie Buss, though he noted that plans could change if circumstances shift. The five siblings intending to sell issued a statement to ESPN confirming their united decision to move forward through the appropriate legal process.

The Soon-Shiong Commitment

Kenworthy described Iger and Kushner as "good friends" and stated that the Soon-Shiong family looks forward to being supportive, active, and engaged partners once the transaction with Walter closes. The Bloomberg Billionaires Index currently ranks Soon-Shiong’s wealth at north of $15 billion, fueled by his work in cancer research and various business ventures. His refusal to sell ensures he remains a fixture in the ownership group as the team enters this new era under Iger and Kushner's leadership.