Buss Family Sells Remaining Ownership Stake In Lakers

BREAKING: The Buss family has sold its remaining 17.8% stake in the Los Angeles Lakers to Bob Iger and Josh Kushner, ending decades of family control that began when Dr. Jerry Buss bought the team in 1979.

The Buss family just sold their last piece of the Lakers. Forty seven years of ownership, gone in one vote.

The family trust, that's Jeanie, Jim, Johnny, Jamie, Joey and Jesse, sold the remaining 17.8 percent to Bob Iger and Josh Kushner. And because you need at least fifteen percent to sit as governor, Jeanie Buss is out of that chair too. Her statement says the family wants to exit gracefully while they still can, which is a very Hollywood way of saying goodbye.

Now the money. Dr. Jerry Buss bought this team in 1979 for 67.5 million dollars. Mark Walter paid the family 10 billion for the majority last year, then flipped control to Iger and Kushner last week for another 2.5 billion. This final slice was worth about 2.225 billion on that valuation.

So the winningest family ownership in basketball ends not with a trophy, but a wire transfer.

This is Sara White, reporting for HIT.

Source Read the original reporting at tmz.com