Lakers' Buss family era ending? Report says remaining shares to be sold, forcing Jeanie Buss out

The era of the Buss family's control over the Los Angeles Lakers appears to be drawing to a close, as reports indicate they intend to sell their remaining 17.8% ownership stake.

According to ESPN's Shams Charania, the sale is to a new ownership group led by Josh Kushner and former Disney CEO Bob Iger. This transaction would mean that current owner Jeanie Buss would have to step down from her role as the team's governor. NBA regulations require a controlling owner to hold at least 15% of the team's shares, a threshold Jeanie Buss would no longer meet after the sale.

Jerry Buss purchased the Lakers in 1979, building a dynasty that saw numerous legendary players. Following his death in 2013, his daughter Jeanie took the helm. While a previous agreement allowed her to manage the team until 2030, internal team management disputes and differing opinions within the family trust have led to this decision. Five of Jeanie Buss's six siblings voted in favor of selling the remaining shares.

The Buss family released a statement acknowledging the decision: "As a family, we have decided to sell the remaining shares of the Buss family trust as part of the current transaction to the Iger team. We love the Lakers and the Lakers fans, and we will continue to support Los Angeles; but now is the time to take this opportunity to move forward and exit while we can gracefully turn away."

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As a family, we have decided to sell the remaining shares of the Buss family trust as part of the current transaction to the Iger team. We love the Lakers and the Lakers fans, and we will continue to support Los Angeles; but now is the time to take this opportunity to move forward and exit while we can gracefully turn away.