Five Buss Siblings Vote to Sell 17.8% Lakers Stake at $12.5 Billion Valuation

Five of the six Buss trust members are united in selling their remaining Lakers shares to Josh Kushner and Bob Iger.

Johnny, Jimmy, Janie, Joey, and Jesse Buss voted on Monday to sell their family's remaining 17.8% stake in the Los Angeles Lakers. This decision utilizes a tag-along provision from a previous transaction to join a larger sale valued at $12.5 billion. The buyers, Josh Kushner and Bob Iger, are currently purchasing approximately 65% of the NBA franchise from Mark Walter. If the Buss family's 17.8% portion is successfully included, the Kushner and Iger ownership stake would rise to roughly 83% of the team.

Jeanie Buss, the current governor of the Lakers, was the only sibling to abstain from the vote. She has declared her intention to contest the move, which would result in her losing her status as the franchise's governor. Although she had a prior agreement with Mark Walter to remain in that leadership role through 2030, a successful sale of the remaining shares would terminate that arrangement. The siblings' statement to ESPN’s Shams Charania on Tuesday emphasized that they intend to move forward through the appropriate process, describing the team as one of the greatest privileges of their lives.

Valuation and Tag-Along Provisions

In June 2025, the Buss family sold a significant portion of the team to Mark Walter at a valuation of $10 billion, which set a record for a U.S. professional sports franchise at that time. However, sources close to the process indicated that multiple siblings felt pressured to vote in favor of that initial sale. Some family members expressed frustration at Jeanie, claiming they were misled during what they characterized as a rushed process.

The current $12.5 billion valuation represents a $2.5 billion increase in the franchise's estimated worth in just over one year. By invoking the tag-along provision included in the Walter deal, the five siblings seek to liquidate their remaining interest at this higher market rate. The family stated their confidence that Iger and Kushner will honor the foundation created by their father while supporting the Los Angeles community and the loyal fan base.

Legal Challenges and Ownership Control

Jeanie Buss is contesting the vote based on a 2017 court ruling. Her legal position maintains that no sale of the team can be effectuated without the explicit approval of the co-trustees, identified as Jeanie, Janie, and Joey Buss. Because Jeanie has not granted her approval, she contends the Monday vote is invalid.

On Monday, attorney Adam Streisand sent a letter to the other siblings on behalf of Jeanie. The correspondence demanded that the family publicly clarify that Jeanie Buss remains the Controlling Owner of the Los Angeles Lakers. Furthermore, the letter instructed the siblings to take no further action regarding the proposed sale of the 17.8% stake. Despite this demand, the other five members of the trust reiterated their unity in the decision to exit their remaining ownership position.

Future of Franchise Governance

The potential transition to Josh Kushner and Bob Iger marks a significant shift for the organization. The Buss family statement noted their tremendous respect for the incoming owners and their understanding of what the Lakers represent to the city. While the five siblings are focused on what they believe is best for the fans who have supported the franchise for generations, the legal dispute over trustee approval remains the primary obstacle to finalizing the transaction. As of August 18, 2026, the five siblings remain committed to the sale despite the internal family conflict.