The Buss family, which has owned and operated the Los Angeles Lakers since March 29, 1979, intends to sell its remaining shares in the team, tagging into the $12.5 billion valuation Mark Walter received last week in a deal with Bob Iger and Josh Kushner, according to multiple sources who spoke on the condition of anonymity to describe ongoing deliberations.
If the Buss Family Trust successfully executes the sale, Jeanie Buss will be unable to remain as the team’s governor, as league rules require at least 15 percent ownership to serve in the role. Buss retained her governorship for a period of at least five years as part of the deal to sell controlling ownership of the Lakers to Walter last summer.
It’s unclear whether Jeanie Buss voted along with the majority. Calls to Lakers spokespeople were not immediately returned.
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According to a source with knowledge of the talks, who spoke on the condition of anonymity because of the sensitive nature of the deal, the trust’s beneficiaries needed at least four of six votes to approve the intent to sell. The trust, which is made up of six of Jerry Buss’ children — Jeanie, Jim, Johnny, Janie, Joey and Jesse — conducted a vote last week regarding selling. The trust’s three trustees, Jeanie, Janie and Joey Buss, now must enact the actual sale.
The decision to sell comes in the wake of Walter’s rapid sell-off of sports holdings, including his stakes in the Lakers and Chelsea.
The trust voted last June to sell its controlling interest in the team to Walter at a $10 billion valuation while retaining a minority stake in the Lakers of approximately 18 percent.
Everything we know about the Lakers being sold again
Dan Woike
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In an interview with the California Post last week, Iger said the Lakers’ new ownership group would honor the governorship agreement between Walter and Jeanie Buss.
“We have enormous respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise,” Iger told the California Post Wednesday.. “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.”
Jerry Buss purchased the Lakers in 1979.
This story will be updated.