Lakers Sale Terms Locked In As Buss Feud Heats Up

The Lakers sale terms are finally locked in, and the drama around the most famous team in basketball just got a lot louder. Lakers owner Mark Walter and Thrive Capital founder Josh Kushner have agreed on every outstanding term of a deal valuing the franchise at twelve and a half billion dollars, according to ESPN, which cited sources close to the negotiations.

Where The Deal Stands

The two men met in person on Thursday at Walter's home in Florida to settle the details, and they are expected to sign the formal agreement soon, ESPN reported. Once it is signed, the NBA will review it, and that process generally takes some time as the league looks at financing and ownership structure.

One big question was whether Kushner could actually pay. Sources told ESPN that Kushner has assured Walter he has raised all the money needed to complete the sale. Kushner and former Disney chief executive Bob Iger first reached the stunning deal at the twelve and a half billion dollar valuation over the summer, and have been working on the details for months.

Why The Price Is Such A Big Deal

This is a record number for an NBA team. It also lands only about a year after Walter bought control of the Lakers from the Buss family, a purchase that shocked the sports world at the time. Selling again so quickly made the August news feel like a second shock.

The Front Office Sports newsletter reported that the buying group has been shopping minority stakes for between two hundred fifty million and three hundred million dollars each, and that is only a starting point. Two sources told the outlet that some minority investors will put in significantly higher amounts.

The Buss Family Fight Gets Uglier

While the money side moves forward, the family side is turning bitter. Lakers governor Jeanie Buss accused her five siblings of running a "cloak and dagger" smear campaign through the media, according to USA TODAY Sports, which obtained her court filing.

The filing alleges that Jimmy, Johnny, Janie, Joey and Jesse Buss orchestrated a "manipulative plot" after her earlier court filing in August that aimed to halt a sale of the family's remaining seventeen point eight percent share in the team. It says they secretly pursued unlawful action behind her back and leaked petty grievances to ESPN's Shams Charania. A separate report, as quoted by the Southern California News Group, has her calling the whole episode a "false flag operation."

The siblings see it differently. They have defended the sale as within their rights by invoking a tag-along provision. Jeanie Buss argues that a 2017 court order means the family trust cannot sell those shares without her consent, a claim Janie and Joey Buss asked a judge to dismiss.

Why Jeanie Buss Is Fighting

There is a very real career stake here. Under NBA rules, Jeanie Buss would need to hold at least fifteen percent ownership to keep serving as governor. If the family sells its seventeen point eight percent stake, her run as the Lakers' governor would end.

She holds that role through a side deal reached with Walter last year, and her filing says she believes her siblings are jealous that their father, Jerry Buss, picked her over his four sons to lead the team. The Buss family has owned the Lakers in whole or in part since 1979.

What Happens Next

There are two clocks running. On the business side, the signed agreement has to go to the NBA, and the league's Board of Governors must approve it before Kushner can become the controlling owner. Iger is expected to be one of the minority owners and the franchise's operator, according to The Athletic as relayed by Quartz.

On the legal side, a hearing in Los Angeles Superior Court is scheduled for December eighth, and that is when the fight between Jeanie Buss and her siblings could finally get some clarity. Walter, who is also dealing with a federal investigation, has said he had no plans to sell until the offer came in.

For fans, the takeaway is simple: the Lakers are about to change hands for a record price, and one of the most famous families in sports is not going quietly. Catch more on sports and business right here at GenZ NewZ.