New developments in the Lakers' front office. According to "ESPN," the Buss family will sell 17.8% of its shares to the new owners of the LA team.
The five siblings—Jeanie, Jim, Johnny, Janie, Joey, and Jesse—voted, and the majority decided to invoke the tag-along clause, a provision that allows a minority shareholder to participate in a major sale and sell their own stake as well—a provision tied to Walter’s sale to the Kushners and Eiger.
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Thus, the Buss family will step down from ownership of the Lakers, bringing to an end the relationship between the two sides, which began in 1979, when Jerry bought the team. In fact, Jeanie will not be able to remain president of the 18-time champions once the process is complete, as that position requires ownership of at least 15% of the franchise.
“As a family, we have decided to sell the remaining shares of the Buss Family Trust to Bob Iger’s group as part of the ongoing transaction. We love the Lakers and their fans, and we will continue to support Los Angeles. However, the time has come to seize this opportunity to move forward and exit with dignity, while we still can,” reads the statement from the Buss family.
*photo source: AP
