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LOS ANGELES — The Buss family has agreed to sell its remaining ownership stake in the Los Angeles Lakers, approximately 18%, to Bob Iger and Joshua Kushner, who reached an agreement to buy the franchise at a $12.5 billion valuation last week, according to multiple reports Monday afternoon. “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 wrote in a statement to ESPN, which first reported the news. “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 Southern California News Group confirmed the agreement later Monday afternoon. Multiple attempts to reach Lakers spokespeople via email and phone call were not immediately returned as of Monday afternoon. The Buss Family Trust consists of each of Jerry Buss’ children: Lakers governor Jeanie Buss, Jim Buss, Johnny Buss, Janie Buss, Joey Buss and Jesse Buss. According to The Athletic, “intent to sale” from the Buss Family Trust required four of the six siblings be on board to make the decision. ESPN first reported later Monday that Jeanie Buss was the only sibling who voted not to sell their stake in the Lakers. And she isn’t planning on stepping away, being potentially ousted out of the Lakers, without a fight. In an letter obtained by SCNG late Monday afternoon, sent by Jeanie Buss’ attorney Adam Streisand to the legal representation of each of her siblings, Streisand claims that any vote is “void” and in conflict with the trust itself, adding that Jeanie Buss has a right to remain controlling owner of the family’s stake and therefore Lakers governor. “On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers and that your clients shall take no action on this supposed “vote” to sell the 17.8% stake,” the letter first acquired by CNBC on Monday afternoon reads. The letter claims a “years-long pattern” of Jesse and Joey Buss leaking information to the media, while arguing that a 2017 court order, also obtained by SCNG, stipulates that no sale can take place without Jeanie Buss’ consent. “No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss,” Streisand writes in the letter. “Pursuant to the JAB Trust and the attached Court Order, the co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner. Any attempt by the co-trustees to do otherwise, and any attempt to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.” Last Wednesday, Mark Walter sold his majority stake in the Lakers to Iger, the former Disney CEO and Kushner, a venture capitalist firm founder, sources confirmed to the Southern California New Group. Iger and Kushner were previously interested in NBA expansion efforts before the opportunity to purchase the Lakers quickly developed. They will own about 83% of the Lakers if the deal goes through. Both transactions still need to be approved by the NBA’s board of governors, which is set to meet Sept. 15-16 in New York. “As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Kushner and Iger said in a statement last week. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.” The Buss family owned the Lakers for 46 years and sold their majority stake to Walter in June 2025 and owned at least some stake in the Lakers since March 1979. Since Dr. Jerry Buss bought the Lakers from Jack Kent Cooke in 1979, the Lakers totaled 2,289 wins and 11 NBA championships as they embraced a “Showtime” legacy through the 1980s, Kobe Bryant and Shaquille O’Neal, and most recently, the eight-year tenure of LeBron James. Jerry Buss died in 2013. In November 2025, the Lakers ousted Jeanie Buss’ younger brothers Joey and Jesse from front office positions, leaving just Jeanie Buss as a part of the day-to-day operations of the franchise. Jeanie Buss, who currently serves as the governor, would no longer hold the role if the sale is officially executed since being governor requires holding at least a 15% stake in the franchise. Last week, Iger said in an interview with the California Post that he intended to honor the agreement between Walter and Buss that allowed Jeanie Buss to remain on as governor for the next five years since the first sale. “We have enormous respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise,” Iger said Wednesday to The Post. “And we have every intention to honor the agreement that was made between Mark and Jeanie. If things change, they’ll change, but we’re going into this with enormous respect and appreciation for who she is and what she represents in the organization.” Now, as Iger said, things have certainly changed. The Buss family is set for a separation with the Lakers – or at the very least, a heated legal battle at the heart of the franchise. Either way, the mom-and-pop Lakers are no more.