Buss Family to Sell Remaining Lakers Stake to Bob Iger and Josh Kushner

The Buss family is set to sell its remaining 17.8% ownership in the Los Angeles Lakers to Bob Iger and Josh Kushner, ending their near five-decade reign over the NBA team, according to ESPN's Shams Charania. The family needs four out of six votes, in total, to exercise a tag-along provision tied to Mark Walter's recent sale of his controlling stake.

With this transaction, Iger and Kushner's ownership would increase to around 83%, and Jeanie Buss will no longer hold the position of Lakers governor post-deal. In a statement to ESPN, the family expressed their decision to sell the remaining shares as part of the ongoing process, while stating their love for the Lakers and Laker fans, and their commitment to continue supporting Los Angeles.

This move will see Jeanie Buss relinquish her role as governor of the Lakers, a position she has held since 2013, following her father Jerry Buss's death. Prior to this sale, the Buss family had control of the Lakers after purchasing the franchise in 1979. The team was valued at $10 billion in 2014, the highest price ever paid for a U.S. professional sports franchise at that time.

Less than a year later, Walter sold his controlling stake to Iger and Kushner for a $12.5 billion valuation. Iger, who stepped down as Disney CEO recently, currently serves as a senior adviser to Thrive Capital, the sports investment arm of Kushner's Thrive Capital. The Lakers deal still needs approval from the NBA's Board of Governors, with the next meeting scheduled for September 15-16 in New York.

Kushner must also liquidate his minority stake in the Miami Heat before the deal can be approved by the league.