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Buss family sells ownership in Lakers: report
The Buss family will no longer have ownership of the Los Angeles Lakers after voting to sell their remaining nearly 18% stake in the franchise, ESPN reported.
LOS ANGELES - The Buss family will no longer hold an ownership stake in the Los Angeles Lakers after selling their remaining nearly 18% share in the franchise, according to ESPN.
What we know:
The decision comes after last week’s announcement that former Disney CEO Bob Iger and Josh Kushner agreed to buy the Lakers from Mark Walter for a record-breaking $12.5 billion.
PREVIOUS: Mark Walter sells Lakers for record-breaking $12B: report
Walter owned the Lakers for less than a year after purchasing a majority stake in the team for $10 billion last fall.
Dr. Jerry Buss originally purchased the franchise in 1979, with ownership passing down to his children following his death. During last week’s sale, Jeanie Buss was reported to remain in her position as Lakers governor. However, it is unclear if her role will change now that the family has sold its remaining minority stake.
Jim Buss and his sister Jeanie Buss of the Los Angeles lakers attend a news conference where Dwight Howard was introduced as the newest member of the team at the Toyota Sports Center on August 10, 2012 in El Segundo, California. (Photo by Kevork Dja … (Getty Images)
What they're saying:
"The Buss family trust -- composed of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse -- received majority votes to allow trustees to execute the sale," wrote ESPN’s Shams Charania on X. "It required four of six votes to enact the tag-along provision of Mark Walter's sale to Kushner and Iger, which valued the Lakers at $12.5 billion."
The Source: This story was reported with information from ESPN.