Buss Family Sells Lakers Stake to Bob Iger, Josh Kushner After Record Mark Walter Deal

Less than a week after Bob Iger and Josh Kushner bought a majority stake of the Los Angeles Lakers at a historic valuation, they came back for more.

According to ESPN's Shams Charania, the two businessmen purchased the remaining 17.8 percent ownership stake from the Buss family.

"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," the Buss family said in a statement. "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."

Iger and Kushner purchased the Lakers at a $12.5 billion valuation last week, a new record for the sale of a sports team. Per Charania, Iger and Kushner will own approximately 83 percent of the team after both deals.

Last week's deal came less than a year after Mark Walter, who also owns the Dodgers, purchased the Lakers at a $10 billion valuation, which was also a record at the time.

The sale last year indicated that the Buss family was perhaps looking to move away from being in control of the Lakers after being in charge since the late 1970s.

Now, the family has split completely.

When the team sold last year, the contract included a clause saying that Jeanie Buss would remain the team's governor, and Iger told the California Post's Khobi Price that he planned to honor that.

But the sale on Monday means that Buss will no longer meet the required ownership percentage to remain in her position, according to Charania. The NBA requires ownership of at least 15 percent of the team to be a controlling owner or governor.

Kushner and Iger initially were interested in bidding for the league's expansion franchise in Las Vegas, but pivoted once they found out Walter was interested in selling the Lakers.

"We were involved in pursuing the new franchise in Vegas," Iger said. "And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days."

A team like the Lakers, one of the most popular sports franchises in the world, is arguably a safer investment, and now Kushner and Iger have even more control of the team.

What Los Angeles will look like in the post-Buss era remains to be seen.

Under the family's ownership, the Lakers won 11 championships, so the new ownership group has big shoes to fill.