Lakers Sale to Bob Iger's Group Reaches New Level, Ending Buss Family Era

The Los Angeles Lakers are entering a new era as former Disney CEO Bob Iger is poised to acquire a substantial stake, bringing his ownership to roughly 83% of the iconic NBA franchise. This development follows a landmark deal where Iger, alongside Joshua Kushner, purchased the team for a record $12.5 billion.

The latest transaction involves acquiring the remaining 17.8% of the Lakers still held by the Buss family. Multiple U.S. media outlets, including The Athletic, ESPN, and USA Today, reported the news. The Buss family, in a statement, expressed their love for the Lakers and their fans but indicated it was time to "move on and retire with elegance."

Jeanie Buss, who has represented the Lakers to the NBA since 2013 following her father Jerry Buss's passing, was part of the trust holding the shares with her five siblings. The family had previously sold a majority stake to Mark Walter last year for $10 billion, which itself was a record for a U.S. sports franchise sale at the time.

Iger and Kushner's acquisition of nearly 83% of the Lakers is subject to approval from NBA team owners, with a decision anticipated during the NBA Board of Governors meeting next month in New York. This significant shift in ownership signals the closing chapter for the Buss family's long-standing stewardship of the beloved basketball team.