The Buss family has agreed to sell its remaining 17.8% stake in the Lakers to the new majority owners Josh Kushner and Bob Iger.
In a statement to ESPN, the Buss family confirmed the sale and 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."
The sale means that Jeanie Buss will no longer be the team’s governor, as NBA guidelines require controlling governors to own at least 15% of a franchise
The entire deal values the Lakers at $12.5 billion, but the NBA still needs to approve the sale.
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