Once the transaction is completed, Jeanie Buss will no longer have the required ownership percentage to remain governor. NBA guidelines require controlling owners/governors to own at least 15% of a franchise.
Breaking: The Buss family has decided to sell its remaining 17.8% ownership stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger, sources tell ESPN.
The Buss family trust -- composed of siblings Jeanie, Jim, Johnny, Janie, Joey and Jesse -- received majority votes to allow trustees to execute the sale. It required four of six votes to enact the tag-along provision of Mark Walter's sale to Kushner and Iger, which valued the Lakers at $12.5 billion.