The Buss family is selling its remaining 17.8% ownership stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger, sources told ESPN's Shams Charania.
The Buss family trust - comprised of siblings Jeanie, Jim, Janie, Joey, and Jesse - received the majority of votes needed to allow the trustees to sell their shares to Kushner and Iger, according to Charania.
Once the transaction is complete, Jeanie Buss will no longer meet the minimum ownership percentage to remain team governor, Charania adds.
Jeanie took on the role in 2013 after her father, Jerry, died.
"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 Buss family said in a statement to Charania.
"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 bought the Lakers from former majority owner Mark Walter for a reported $12.5 billion, establishing a new record for a North American sports franchise.
The NBA's board of governors still needs to approve the sale at its next meeting, which is scheduled for September.
Kushner and Iger originally planned to allow Jeanie to remain governor for at least five years, as agreed upon when Walter bought a controlling interest in the iconic franchise from her family in October 2025.
"We have enormous respect and appreciation for Jeanie, her father, and what they've contributed to this franchise," Iger told the California Post's Khobi Price prior to Monday's reported sale. "And we have every intention to honor the agreement that was made between Mark and Jeanie.
"If things change, they'll change, but we're going into this with enormous respect and appreciation for who she is and what she represents in the organization."
