Lakers Governor Jeanie Buss Defends Family's Sale of Franchise

Buss says late father Jerry Buss would have approved of the $10 billion deal to sell nearly 50% of the team to billionaire Mark Walter.

Published on Feb. 20, 2026

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In a CNBC interview, Los Angeles Lakers governor Jeanie Buss explained the 2025 decision by the Buss family to sell a majority stake in the franchise to billionaire Mark Walter. Buss said her late father Jerry, who owned the Lakers for decades, would have supported the move, citing the need for more resources to keep the team competitive. The sale closed in late 2025, with the six Buss siblings each pocketing around $500 million after taxes, though they still retain a 17% ownership stake.

Why it matters

The Lakers are one of the NBA's most iconic franchises, and the Buss family's ownership has spanned over four decades. Jeanie Buss' comments provide insight into the family's thinking behind the high-profile sale, which saw the Buss siblings relinquish majority control of the team for the first time since 1979.

The details

In the CNBC interview, Jeanie Buss said the sale to Walter was about ensuring the Lakers "stay at the top of the NBA" and have the necessary resources to remain competitive. After the sale closed, five of the six Buss siblings were terminated from their roles with the team, with only Jeanie remaining as governor on a new five-year contract. Jeanie defended the decision, saying her family had differing opinions but that this was the "best decision for all six of us."

  • The sale of the Lakers' majority stake to billionaire Mark Walter closed in late October 2025.
  • Jeanie Buss gave the CNBC interview that aired on February 18, 2026.

The players

Jeanie Buss

The current governor of the Los Angeles Lakers and daughter of the late Jerry Buss, who owned the team for decades.

Jerry Buss

The former owner of the Los Angeles Lakers, who purchased the team in 1979 and built it into one of the NBA's most successful franchises before his death in 2013.

Mark Walter

The billionaire who purchased nearly 50% of the Lakers' ownership stake in a $10 billion deal that closed in late 2025.

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What they’re saying

“What was important to him was that the Lakers stay at the top of the NBA, and to stay at the top of the NBA, you need to have the resources. You need to have everybody pulling together. And he would want [that for] the Lakers, because the Lakers are his legacy.”

— Jeanie Buss, Lakers Governor (CNBC)

“I don't think my dad would be happy with the way things just went down. Not at all.”

— Janie Buss (ESPN)

What’s next

Jeanie Buss said she expects to remain as Lakers governor for the full five-year term of her new contract with the team's new majority owner, Mark Walter.

The takeaway

The Buss family's sale of a majority stake in the Lakers franchise to billionaire Mark Walter reflects the need for deep pockets and resources to maintain an NBA powerhouse in the modern sports landscape, even for an iconic team like the Lakers. The transition raises questions about the family's legacy and the future direction of the franchise under new leadership.