Training camp will soon be here for the Los Angeles Lakers, but right now the biggest story surrounding the team is off the court. Following the shocking news of Mark Walter selling his majority shares of the team to Bob Iger and Josh Kushner, it is now being reported that the Buss family siblings have voted to sell their remaining shares to Iger and Kushner as well.
The Buss family has owned at least a part of the Lakers since 1979, so the news that they would be selling the last of their shares would truly be the end of an era. And the decision apparently came together very quickly as there was an emergency meeting called a week ago that sparked things, via Dave McMenamin of ESPN:
Lakers senior VP of finance, Joe McCormack, called for an emergency meeting of the Buss siblings last Monday to discuss a dissolution of the family trust and seeking unanimous approval to lock down all family shares for four years under a new trust, sources told ESPN.
— Dave McMenamin (@mcten) August 17, 2026
The meeting was held Tuesday. During the meeting, there was no mention of a pending sale between Mark Walter and Bob Iger/Josh Kushner, sources told ESPN. The next day, Walter’s agreement to sell the team was reported by ESPN’s @ramonashelburne https://t.co/xuJJD7HPSs
— Dave McMenamin (@mcten) August 17, 2026
Jeanie Buss is now contesting the sale of the those remaining shares, and there will likely be some legal battles to ultimately decide what will happen. While the other five siblings are ready to move on, selling off those shares would force Jeanie to relinquish her role as Lakers governor since NBA rules require at least a 15% ownership stake in order to hold that position.
How quickly all of these things have come together is truly surprising. The sale from Walter to Iger and Kushner reportedly came together in just three days and now the Buss family deciding to sale apparently took a similar amount of time as the sudden sale of the majority shared changed everything. How everything ultimately plays out will be one of the most watched stories in NBA circles.
Buss family embarrassed at how quickly Mark Walter sold Lakers
Because of how long the Buss family owned the Lakers, the decision on who to sell their majority shares to was an extremely important one and they ultimately decided that Walter was the right choice. As such, the news that Walter has now chosen to sell so quickly reportedly embarrassed the family.
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