Lakers $12.5B Ownership Sale Delayed as Board of Governors Vote Bypassed
The record-breaking $12.5 billion sale of a majority stake in the Los Angeles Lakers has hit a temporary roadblock. While the NBA Board of Governors (BOG) convened in New York City on September 14–15, 2026, league owners did not hold a vote on the proposed transaction.
The delay is primarily due to the ongoing legal battle within the Buss family trust, which has complicated the leadership and governance structure of the franchise.
BOG Vote Bypassed Amid Legal Clouds
The planned transaction involves Mark Walter selling his majority stake in the Lakers at a historic $12.5 billion valuation to an investment group led by Disney CEO Bob Iger and venture capitalist Joshua Kushner. While the deal represents a massive financial windfall and a landmark valuation for the league, sources confirmed ahead of the meeting that it would not be voted on this week.
As reported by the Sports Business Journal:
"As for the Lakers, sources do not expect the proposed $12.5B sale from Walter to Joshua Kushner and Bob Iger to be voted on this week."
The primary reason for the delay is the legal dispute within the Buss family. On August 23, 2026, Jeanie Buss filed a petition in California Superior Court to block her siblings (Johnny and Jim Buss) from selling their remaining 17.8% minority stake to Iger and Kushner1. Jeanie Buss argues that a 2017 court order requires the family to "take all actions reasonably available" to ensure she remains the controlling owner and governor of the Lakers, a position she believes would be threatened if her siblings exit the trust.
A Temporary Standoff with No Immediate Impact on Closing
Despite the delay at the September BOG meeting, league and team sources do not expect the family dispute to ultimately derail the sale. Mark Walter's lightning-fast flip of the franchise is still expected to close once the legal and governance details are finalized.
However, the legal standoff has introduced significant friction into the franchise's front office. With a court hearing scheduled for December 8, 2026, the timeline for the NBA's official approval of the sale remains highly uncertain, leaving the Lakers' long-term ownership transition in limbo as the 2026–27 NBA season approaches.
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An instance of Ten-billion-dollar sports valuations inevitably break the family trusts that historically governed them. — The record-breaking sale's approval now runs through intra-family trust litigation that has already delayed the Board of Governors vote. ↩︎