The vote that ended 47 years
On Monday, August 17, 2026, the Buss Family Trust voted to sell its remaining 17.8 percent of the Los Angeles Lakers to the group led by Bob Iger and Josh Kushner. That one decision does two things at once. It ends 47 years of Buss family ownership, and it costs Jeanie Buss the team governorship, because NBA rules require a controlling governor to hold at least 15 percent.
The family released a statement, and it reads like people who have already made their peace with it. “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,” it said. “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.”
Six siblings hold the trust: Jeanie, Jim, Johnny, Janie, Joey and Jesse, according to Sports Illustrated. Heavy reported that four of the six approvals were required and obtained.
From $67.5 million to $12.5 billion
Jerry Buss bought the Lakers in 1979 for $67.5 million. The transaction now in motion values the team at $12.5 billion, a record for a North American sports franchise. That is the entire arc in two numbers, and it is why the word “gracefully” is doing so much work in the family statement.
TMZ calculated that 17.8 percent of a $12.5 billion valuation works out to roughly $2.225 billion for the Buss stake. The arithmetic holds, so treat it as a reasonable estimate rather than a confirmed sale price. No party to the deal has published a figure for the trust shares.
Why Jeanie Buss loses the governorship
The governor is the person who represents a franchise to the league and votes at the Board of Governors. The NBA requires that person to hold at least 15 percent of the team. Jeanie Buss has held the role since 2013. Once the trust’s 17.8 percent is gone, she is under the threshold, and the job goes with it.
Who replaces her has not been reported. Rob Pelinka’s status in any new structure is unclear, and nobody in the incoming group has named a successor.
The reversal, and it happened in five days
This is the part that will confuse anyone who read the first wave of coverage. On August 12, 2026, news broke that Mark Walter had agreed to sell his controlling stake to Iger and Kushner at the $12.5 billion valuation. Reporting on August 12 and 13 indicated the buyers would honor the arrangement Walter had struck with Jeanie Buss, which would have kept her as governor through 2030, at least five more years.
Five days later, that is no longer the plan. The August 17 vote to sell the family’s residual stake removes the ownership floor the arrangement depended on. The earlier reporting was not wrong when it was published. The facts underneath it changed.
Josh Kushner, not Jared Kushner
Readers are going to get this wrong, so let’s be blunt about it. The buyer is Josh Kushner, 41, the founder of Thrive Capital and a co-founder of Oscar Health. He is not Jared Kushner. Jared is his older brother and is not part of this deal. Fox Business published a URL slug that says Jared while the body of its own story correctly says Josh, which is exactly the kind of thing that spreads.
TheWrap reported that Bob Iger, 75, is a senior adviser to Thrive Capital, and that Kushner’s sports investment vehicle is called Thrive Eternal. Iger and Kushner said in a joint statement on August 12 that they are “deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” adding that they have “immense respect for the leadership and vision of Jerry and Jeanie Buss.”
Mark Walter’s 14 month turn
Walter agreed to buy control of the Lakers at a $10 billion valuation in June 2025. The deal closed that October, with board approval on October 30, 2025. Roughly 14 months later he agreed to sell at $12.5 billion. Sports Illustrated, via ESPN, reported a statement from Walter calling Lakers ownership “one of the great honors of my life” and saying “The Lakers belong to Los Angeles.”
CBS Sports reported that the Dodgers and the WNBA’s Los Angeles Sparks are not part of this transaction. Walter keeps both.
The federal investigation in the background
Walter is under investigation by Manhattan federal prosecutors and the Securities and Exchange Commission. Forbes has reported the fullest account, with Fox Business and ESPN referencing the probe. The FBI seized his cellphone and computer in September 2025. The inquiry concerns private credit deals that routed loans from Walter owned insurers through third parties to entities tied to TWG Global.
Per that reporting, Delaware Life reclassified about $16 billion of investments as affiliated, up from about $1 billion, and Clear Spring reclassified $4.6 billion. Walter has not been charged with anything.
What still has to happen
Iger and Kushner are acquiring about 65 percent from Walter. The Buss 17.8 percent takes them to roughly 83 percent. None of it is final until the NBA Board of Governors approves it, and the next board meeting is September 15 and 16, 2026, in New York.
There is also a conflict to clear. Kushner holds a minority stake in the Miami Heat, which CBS Sports puts at under 5 percent and dates to 2025. He has to divest it before the league signs off. If you want something lower stakes to argue about while the paperwork moves, our Big Brother 28 Week 6 nominations recap is right there.
Frequently Asked Questions
How much is the Buss family’s remaining stake worth?
TMZ estimated roughly $2.225 billion, based on 17.8 percent of the $12.5 billion valuation. No party to the transaction has confirmed a price for the trust shares. Treat the number as arithmetic rather than a disclosed figure.
Why does Jeanie Buss stop being Lakers governor?
The NBA requires a controlling governor to hold at least 15 percent of the franchise. Selling the trust’s 17.8 percent puts her below that line. She has held the role since 2013.
Is Josh Kushner the same person as Jared Kushner?
No. Josh Kushner, 41, founded Thrive Capital and co-founded Oscar Health. Jared Kushner is his older brother and is not a buyer here.
When could the sale actually close?
It needs approval from the NBA Board of Governors, which next meets September 15 and 16, 2026, in New York. Kushner also has to divest his Miami Heat stake first. No closing date has been announced.
Does this sale include the Dodgers or the Sparks?
No. CBS Sports reported that Mark Walter retains the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. Only the Lakers stakes are changing hands.
Who will run the Lakers after Jeanie Buss?
Nobody has said. No successor governor has been named, and Rob Pelinka’s role under the new ownership has not been reported. That answer will likely arrive with or after league approval.
