The Buss family is selling their remaining ownership stake in the Lakers to the new majority owners.
The family, which has had ownership stakes in the Lakers since Dr. Jerry Buss purchased the franchise in 1979, is selling its remaining 17.8% ownership stake in the franchise to businessman Josh Kushner and former The Walt Disney Company CEO Bob Iger.
“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the family said in a statement to ESPN. “We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”
Kushner and Iger have an agreement to buy the majority ownership of the Lakers from Mark Walter at a historic valuation of $12.5 billion.
This is a breaking news story. Check back for updates.
