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The Buss family trust turned a $67.5 million investment into the NBA's most valuable franchise, now worth $10 billion. Jerry Buss bought the Los Angeles Lakers in 1979, and what followed was remarkable – the team claimed 11 championships since 1980.
Jerry's death in 2013 led to equal distribution of his controlling ownership among his six children through the family trust. His daughter Jeanie Buss stepped up as the controlling owner and president.
She made history by becoming the first female controlling owner to lead her team to an NBA championship in 2020. The recent deal to sell majority ownership to Mark Walter closes a chapter that Jerry Buss started with his $300 million investment in today's dollars.
Let's dive into the Buss family trust's story – from Jerry's original dream to the record-breaking sale. The piece covers the trust's structure, the complex relationships between siblings, and Jeanie Buss's path to maintain control before the team's sale at the highest price ever for a U.S. professional sports franchise.
What Is the Buss Family Trust?
The Buss Family Trust stands as a carefully crafted legal structure that kept the Lakers' legendary ownership within one family for decades. Dr. Jerry Buss created this trust in 2006. It holds a controlling 66% stake in the Los Angeles Lakers and specifies exact terms for team governance after his death.
Purpose and structure of the trust
Dr. Buss created the trust with two main goals: keeping family ownership and setting clear leadership succession. The trust clearly states "the Trustees shall take whatever actions are reasonably available to them to have Jeanie M.
Buss appointed as the Controlling Owner of the Los Angeles Lakers, Inc.". Jerry also protected his children by prepaying inheritance taxes on the Lakers, which saved them from heavy tax burdens after his death.
The trust splits the 66% ownership stake equally among his six children—Jeanie, Jim, Johnny, Joey, Jesse, and Janie. Each child received an 11% share. The trust rules prevent this ownership from being split up and sold in pieces. Jerry's ex-wife owns part of the team but cannot vote on potential sales.
How it managed Lakers ownership
Three co-trustees—Jeanie, Johnny, and Jim Buss—led the trust's governance structure. These three siblings had strong influence over trust decisions, yet major actions like selling the team needed approval from all six children. The trust serves as both an ownership vehicle and a framework for making decisions.
The family trust took official ownership after Jerry's death in 2013. A single "controlling owner" makes final decisions that represent the team with the NBA, according to trust provisions. This controlling position carries huge authority since only 30 such positions exist in the league.
Role of each Buss sibling
Each sibling got equal financial benefits—about $10 million yearly from team profits. Their operational roles differed substantially. Jeanie secured her position as controlling owner and team governor through the trust's specific language and later legal decisions. Jim served as executive vice president of basketball operations until Jeanie removed him.
The siblings faced some conflicts. A 2017 power struggle ended with Jeanie getting lifetime operational control. The recent sale to Mark Walter needed majority approval from all siblings. They reached agreement on this historic deal despite their past differences.
From Jerry Buss to Jeanie Buss
Jerry Buss's bold purchase of the Los Angeles Lakers in 1979 launched a basketball dynasty that altered the map of the NBA. The chemist who became a real estate mogul bought the Lakers, the NHL's Los Angeles Kings, and the Forum arena for $67.5 million. This deal stood as the largest sports transaction in history at that time.
Jerry Buss's original purchase and net worth
Jerry's investment stood out because he turned a struggling franchise into a global sports empire. The Lakers reached the NBA Finals in 16 of his 34 seasons as owner and won 10 championships. The Lakers' portion of that deal was worth approximately $16 million. Today's $10 billion valuation represents an extraordinary 625-fold return on investment.
Jeanie's early involvement in the Lakers
Jeanie Buss started her journey in the family business at 19 as general manager of the Los Angeles Strings professional tennis team. She gained valuable sports management experience during her father's ownership. She proved her executive capabilities by running business operations for 15 years before Jerry's final years.
Jerry Buss saw Jeanie as his natural successor. Magic Johnson confirmed this: "He'd tell me his vision was for Jeanie and I to run it. She knew that too". The succession plan became complex with four sons in the picture.
Transition of power after Jerry's death
Jerry Buss passed away in 2013 at age 80 from kidney failure. A trust controlled by his six children inherited the Lakers' ownership. Jerry's succession plan placed Jeanie in his former role as the Lakers' governor and team representative at NBA Board of Governors meetings.
Jeanie led business operations while her brother Jim served as executive vice president of basketball operations. Tensions rose when Jim hired Mike D'Antoni as head coach in 2012 instead of Phil Jackson, whom Jeanie expected would take the position.
Jerry wanted the "Lakers to remain in the Buss family" and hoped his children "would all get along". In stark comparison to this wish, power struggles emerged after his death. These conflicts set up a dramatic showdown that would cement Jeanie's control of the franchise.
The Turning Point: 2017 Dispute and Resolution
The Buss family trust and Lakers ownership structure changed forever after a dramatic power struggle erupted in 2017. This battle between siblings became the defining moment as Jeanie Buss united her control over the legendary franchise.
Why Jeanie removed Jim Buss
Jeanie Buss made a bold move in February 2017. She fired her brother Jim from his position as executive vice president of basketball operations and brought in Magic Johnson. The team had suffered through four straight losing seasons under Jim's leadership. Court documents revealed Jeanie's strong words – she called Jim "completely unfit" to run basketball operations.
She stated she "could not allow the damage being done to the franchise in the last few years to continue". The changes didn't stop there. Magic Johnson became president of basketball operations while Rob Pelinka stepped in as general manager.
Legal implications and board control
The situation escalated quickly. Johnny Buss called for a board meeting just three days after Jim's removal – and Jeanie wasn't invited. She saw this as an attempted takeover and filed for a temporary restraining order.
Her brothers claimed they didn't want to remove her as controlling owner. Yet the proposed board of directors list left out Jeanie's name. Lakers bylaws required the controlling owner to serve on the board, which made this move a direct challenge to her authority.
How Jeanie secured lifetime operational control
Jeanie took decisive action through her attorney Adam Streisand. The trust document proved crucial – it stated that trustees must "take whatever actions are reasonably available to them to have Jeanie M. Buss appointed as the Controlling Owner".
The court formally granted Jeanie's petition on April 3, which guaranteed her position as controlling owner for life. The power balance shifted firmly to Jeanie's side when Jim stepped down as co-trustee. Her ally Janie Buss took his place.
The $10 Billion Sale and What Comes Next
The Buss family created history when they agreed to sell their majority stake in the Lakers to Mark Walter at a record-breaking $10 billion valuation in June 2025. This deal set a new benchmark as the highest amount paid for any U.S. professional sports franchise.
Details of the sale to Mark Walter
This massive deal towers over the previous record of $6.1 billion that the Boston Celtics commanded just months earlier. Mark Walter, who serves as CEO of Guggenheim Partners with a $6.1 billion net worth, already owned 26% of the Lakers since 2021. The agreement allows the Buss family to maintain just over 15% ownership temporarily.
Jeanie Buss's future with the Lakers
The deal ensures Jeanie Buss will stay on as the Lakers' governor and continue team operations "for at least a number of years". Walter fully supported this arrangement, which became a guaranteed part of the agreement. Reports vary on her exact leadership tenure – some sources suggest "at least five years" while others point to "at most five years".
How the sale affects the Buss family legacy
The Buss family's 46-year reign stands as the longest ownership of any current NBA franchise. Their investment journey started with Jerry's $67.5 million purchase in 1979 and culminated in a staggering profit of over $9.7 billion adjusted for inflation.
Comparisons to other NBA franchise sales
The Lakers' sale revolutionizes the sports franchise market:
- Boston Celtics (2025): $6.1 billion
- Washington Commanders (2023): $6.05 billion
- Phoenix Suns (2022): $4 billion
- Brooklyn Nets (2019): $3.3 billion
Conclusion
The Buss family trust stands out as one of the greatest success stories in sports ownership. Jerry's original $67.5 million investment in 1979 grew into a mind-boggling $10 billion valuation today. The Lakers' experience under the Buss family has been nothing short of incredible. Over 46 years, they turned a struggling team into a global sports powerhouse and won 11 championships.
Jerry Buss showed amazing insight when he set up his trust in 2006. He carefully divided ownership shares among his six children. He protected them from inheritance taxes and named Jeanie as the one to take over.
All the same, things got complicated in the family after he passed away. A power struggle in 2017 ended up cementing Jeanie's position when she removed her brother Jim from basketball operations. She secured lifetime control through legal action.
The Lakers kept their winning ways under Jeanie's leadership. She became the first woman to lead an NBA franchise to a championship in 2020. Her business smarts and steady guidance helped the team navigate tough changes while staying at the top. The timing seemed right when Mark Walter came with his record-breaking offer.
This $10 billion sale marks a new chapter. The Buss family gives up majority ownership after almost five decades, but Jeanie stays on as team governor for several years to ensure a smooth transition. On top of that, the family keeps a 15% ownership stake, staying connected to the team their father built.
This story shows how Jerry Buss's dream went way beyond the reach and influence of basketball. He built more than just a championship team – he created a family legacy worth billions. The Buss family might be selling control, but their effect on basketball will last forever. Very few families can say they turned $67.5 million into the NBA's most valuable franchise while reinventing basketball entertainment.
FAQs
Q1. Who currently owns the Los Angeles Lakers?
Mark Walter has acquired majority ownership of the Lakers in a $10 billion deal. However, the Buss family retains a minority stake of just over 15%, and Jeanie Buss continues to serve as the team's governor.
Q2. How long did the Buss family own the Lakers?
The Buss family owned the Lakers for 46 years, from Jerry Buss's initial purchase in 1979 until the recent sale in 2025. This marks the longest ownership tenure of any current NBA franchise.
Q3. What role will Jeanie Buss play after the sale?
As part of the sale agreement, Jeanie Buss will remain the Lakers' governor and continue running the team for several years. The exact duration of her leadership role is not definitively stated, but it's expected to be at least a few years.
Q4. How was the Buss Family Trust structured?
The trust held a 66% controlling stake in the Lakers, divided equally among Jerry Buss's six children. Each child received an 11% share, and the trust stipulated that Jeanie Buss should be appointed as the controlling owner.
Q5. How does the Lakers sale compare to other recent sports franchise sales?
The $10 billion valuation for the Lakers significantly surpasses recent high-profile sales, including the Boston Celtics for $6.1 billion, the Washington Commanders for $6.05 billion, and the Phoenix Suns for $4 billion. It sets a new record for U.S. professional sports franchise valuations.
