Jeanie Buss to exit as Lakers governor after family sells remaining stake

The Buss family’s run with the Lakers isn’t merely winding down. It’s ending.

The family has decided to sell its remaining 17.8 percent stake in the franchise to the group led by Bob Iger and Josh Kushner, ESPN’s Shams Charania reported Monday. The shares will be sold as part of the same transaction in which controlling owner Mark Walter agreed to sell his majority interest at a $12.5 billion valuation.

That also means Jeanie Buss will no longer serve as Lakers governor once the transaction is completed.

NBA guidelines require a controlling owner or governor to own at least 15 percent of a franchise, Charania reported. With the Buss Family Trust selling all of its remaining shares, Buss will no longer meet that requirement.

That’s a significant change from what appeared to be the plan only days ago. When the Buss family sold control to Walter last year, the agreement called for Jeanie to remain governor for at least five years. Iger indicated last week that he intended to honor that arrangement.

Then the Buss family decided to sell the rest.

“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 family said in a statement to ESPN. “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.”

At least four of the six Buss siblings had to approve exercising the “tag-along” provision that allows them to sell their shares at the same $12.5 billion valuation, according to Charania.

The sale still requires NBA approval. Assuming it goes through, it will close the book on 47 years of Buss family ownership, dating to Jerry Buss’ purchase of the Lakers in 1979.

It could also raise another question: What happens to head of basketball operations Rob Pelinka?

An agent recently told ESPN that as long as Jeanie remained in a good position, Pelinka probably was, too.

Well, that equation just changed.