The Buss family issued a statement on Tuesday confirming their intention to sell their remaining 17.8% stake in the Los Angeles Lakers to Josh Kushner and Bob Iger, who are set to become the franchise’s majority co-owners after acquiring the team from current owner Mark Walter. The family, including Jim, Johnny, Janie, Joey, and Jesse Buss, emphasized their unity in the decision. “The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives,” the statement read. “We remain united in that decision. We intend to move forward thoughtfully, respectfully and through the appropriate process.”

Family Disagreement Over Sale

However, Lakers Governor Jeanie Buss is opposing the sale. According to a letter from her lawyer, Adam Streisand, Jeanie argues that her siblings cannot legally execute the sale without her approval. She insists that any vote to sell the family’s stake would be “void.” Jeanie has held the position of governor since 2013, following the death of her father, Dr. Jerry Buss. The NBA requires governors to hold at least 15% of the franchise, a threshold Jeanie will no longer meet if the sale goes through.

The Buss family trust includes six of Jerry Buss’s children: Johnny (69), Jim (66), Jeanie (64), Janie (62), Joey (41), and Jesse (37). The siblings who support the sale voted 5-0 in favor of the transaction. Jeanie’s legal challenge has drawn comparisons to the drama of the HBO series “Succession,” as the family debates the future of one of the most valuable franchises in sports.

Deal Details and Approval Process

The purchase of the Lakers by Kushner and Iger is valued at $12.5 billion, making it one of the most expensive sports franchise sales in history. The family statement expressed confidence in Iger and Kushner, saying they “understand what the Lakers represent to Los Angeles and our incredibly loyal fan base.”

Until then, the ownership change has not been finalized. The deal still requires approval from the NBA’s Board of Governors, with the next meeting scheduled for September 15 and 16 in New York. The sale marks the end of the Buss family’s direct involvement in the franchise, which Jerry Buss helped build into a global brand. “We are confident they will honor everything this franchise stands for while building upon the foundation our father created,” the Buss siblings wrote.

Family’s Statement on Moving On

In their statement, the Buss family said they have “always been focused on what we believe is best for the Lakers, the fans who have supported this franchise for generations, and the greater Los Angeles community.” They added that the decision to sell was made after careful consideration and with the team’s legacy in mind. “We love the Lakers and their fans and will continue to support Los Angeles; but it is time to take advantage of this opportunity to move forward and step away gracefully while we still can,” they said.