Family Feud Ends Lakers Dynasty with $10 Billion Sale to Mark Walter
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Los Angeles, Jan. 21, 2026 — Decades of internal discord inside the Buss family culminated in a $10 billion deal that transferred majority ownership of the Los Angeles Lakers to billionaire investor Mark Walter, ending the team’s status as the NBA’s most valuable family-run franchise.
The decisive vote
On June 18, 2025, all six Buss siblings unanimously approved Walter’s offer to buy roughly half of their 66 percent stake at a franchise valuation of $10 billion. The transaction left the family with about 17 percent of the club, just above the 15 percent NBA minimum that allows Jeanie Buss to remain governor for at least five years.
Jeanie, 64, drove the agreement. Her elder brothers Jim and Johnny, sister Janie, and younger half-brothers Joey and Jesse each stand to net close to $500 million after taxes. Walter’s purchase formally closed in late October 2025.
Flashpoint inside the trust
The sale followed years of fighting over the late Jerry Buss’ trust, which gave the children equal shares and a “last-man-standing” clause designed to keep the Lakers in the family. Disputes flared in 2017 when Jeanie removed Jim from basketball operations, triggering an abortive boardroom challenge by Jim and Johnny. Younger siblings Joey and Jesse sided with Jeanie, helping her secure legal control.
Tensions resurfaced in 2024 when Joey and Jesse proposed selling a minority slice—between 5 percent and 15 percent—to raise cash while preserving control. They presented the idea to team chief financial officer Joe McCormack and general counsel Dan Grigsby but never heard back. Instead, Jeanie introduced Walter’s majority bid in a series of one-on-one meetings at the Lakers’ El Segundo facility on June 17, 2025, giving the family 72 hours to decide.
Rapid fallout
The sale triggered sweeping personnel changes. On Nov. 20, 2025—15 games into an 11-4 season—McCormack notified Joey and Jesse by text that “organizational changes” were imminent. Minutes later they learned they were dismissed, along with Jim, Johnny and Janie. Only Jeanie kept a role with the club.
Janie, 62, asked to resign rather than be fired and will collect pay through Dec. 31, 2025. Joey, formerly vice president of research and development, and Jesse, assistant general manager, issued a joint statement lamenting the abrupt exit: “At times like this, we wish we could ask our Dad what he would think about it all.”
Bonuses for Jeanie’s inner circle
Multiple family members and team sources say the sales agreement earmarked $114 million in bonuses for long-time Buss confidants. Linda Rambis, Kurt Rambis, McCormack, Grigsby and president of business operations Tim Harris were slated to receive $24 million each, except Kurt Rambis, who would collect $8 million. The figures mirror Kobe Bryant’s jersey numbers 24 and 8.
Lingering questions
Joey and Jesse considered legal action, alleging they were excluded from negotiations and questioning whether their minority-sale proposal was used to set Walter’s price. Ultimately, they decided a challenge was futile.
In September 2025, the pair launched Buss Sports Capital, an investment vehicle aimed at future sports acquisitions. Their continued ownership stake blocks employment with another NBA club, leaving their long-term role in professional basketball uncertain.
Johnny Buss, who endorsed the sale, called the turbulence “the end of an era,” adding, “What more do you need? What more do you want?” Family members have had little contact since the vote.
The breakup closes a chapter that began when Jerry Buss bought the Lakers, the NHL’s Kings and the Forum for $67.5 million in May 1979 and built an 11-time NBA champion. Forty-six years later, the dynasty he intended to keep in the family passed to outside hands because the heirs could not stay united.
Source: ESPN.com
