The Buss family trust has made history by selling the Los Angeles Lakers for approximately $10 billion – the highest valuation that any U.S. professional sports franchise has achieved. This landmark deal closes the chapter on one of basketball's most successful dynasties.

Jerry Buss bought the Lakers, Kings and the Forum for $67.5 million back in 1979. His family turned the Lakers into a sports empire. The Lakers' incredible run under their ownership includes 11 championships, making them the NBA's most successful team during this period.

Jerry Buss's passing in 2013 led to his controlling ownership being split equally among his six children through the family trust, with each sibling getting an equal vote. Jeanie Buss stepped up as the controlling owner and president, and became the first female controlling owner to lead her team to an NBA championship in 2020.

Let's get into how the Buss family trust was structured and the power dynamics that drove its success. We'll also look at what pushed the decision to sell to Mark Walter. The story of how a $67.5 million investment grew to become America's second most valuable sports franchise, right behind the Dallas Cowboys, offers fascinating insights.

The Origins of the Buss Family Trust

A modest $1,000 investment grew into one of sports' greatest ownership stories. Jerry Buss built wealth through real estate before taking control of basketball's most glamorous franchise. This real estate fortune became the foundation that would support their Lakers empire.

How Jerry Buss built his real estate empire

Jerry Buss's story from poverty to prosperity shows the American dream at its finest. A chemistry professor turned real estate investor, Buss put $1,000 into a 14-unit apartment building in West Los Angeles in 1959. He wanted to add to his teaching income. The sort of thing he loved was that he had a natural talent for property investment.

Buss teamed up with Frank Mariani to create Mariani-Buss Associates, and their portfolio grew by a lot. By 1979, they owned an impressive collection of properties:

  1. Three hotels
  2. Approximately 1,000 single-family homes
  3. Around 4,000 apartment units

Their company owned roughly 700 properties in Arizona, California, and Nevada. Buss turned his original $1,000 investment into a $350 million real estate empire in just 18 years through smart buying and management.

The 1979 Lakers acquisition deal

Jack Kent Cooke needed to sell assets because of his divorce that cost him $41 million – a record amount back then. Buss got the deal despite not being the highest bidder thanks to his real estate expertise and clever negotiations.

The deal structure proved complex with property swaps and three-way agreements. Cooke wanted the Chrysler Building in New York City as part of the exchange. The Chrysler's owners didn't want Buss's properties, so he had to sell each high-rise separately to make it work.

Buss needed $3 million more as the deadline approached. His partner Frank Mariani got a loan from Sam Nassi (future Indiana Pacers owner), and Donald Sterling (future Clippers owner) provided another $1 million.

The deal closed on May 29, 1979. Buss paid $67.5 million for:

  • The Lakers ($16 million)
  • The Forum arena ($33.5 million)
  • The Los Angeles Kings NHL team ($8 million)
  • A 13,000-acre ranch in the Sierra Nevada ($10 million)

Initial structure of the family trust

Jerry Buss wanted his family to keep the Lakers for generations. His 66% controlling interest was worth over $1 billion when he died in 2013.

The trust's design helped preserve family ownership. It stated that his six children couldn't split up and sell their ownership stake separately. They could sell the entire stake legally (which has now happened), but Buss clearly wanted to keep the Lakers in the family.

His plan gave each of his six children an equal 11% vote through the trust, totaling his 66% controlling ownership. He also named his daughter Jeanie as the Lakers' governor and team representative at NBA Board of Governors meetings.

How the Trust Was Structured to Secure Power

The Buss family trust's design helped keep family control while establishing clear leadership succession. Dr. Jerry Buss created a legal framework that gave equal ownership to his children but established a clear power structure to avoid future conflicts.

Equal voting rights among six children

Dr. Buss's death in 2013 led to his 66% controlling interest in the Lakers being split equally among his six children through the family trust. Johnny, Jim, Jeanie, Janie, Joey, and Jesse each received a similar 11% ownership stake in the franchise. This equal split showed Dr. Buss's commitment to treating his children fairly.

The trust had a key rule: any potential sale needed approval from at least four of the six siblings. This rule made sure no single group could force a sale without broad family agreement.

The trust also included an interesting "last man standing" rule that stopped ownership from going to heirs after death. A family member explained it simply: "If I die tomorrow, my kids get some benefits but not my full share. As we pass away, Joey and Jesse will end up with everything since they're the youngest". This unique setup helped strengthen long-term family control.

Jeanie Buss as controlling owner

While ownership was equal, power was concentrated by design. The trust clearly stated that "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.". Dr. Buss chose Jeanie as his successor seven years before he passed away.

This "controlling owner" title carried real power. One source put it this way: "That is what the NBA refers to as the person who makes the final decision for each team. There are all sorts of titles, management structures and partnerships among NBA teams. But at the end of the day, there are only 30 controlling owners. That designation is everything".

Three original co-trustees—Jeanie, Johnny, and Jim Buss—had a legal duty to support Jeanie's position. Lakers' corporate bylaws required the controlling owner to be elected from the board of directors. This connection between trust rules and corporate governance created a reliable protective framework.

Role of the trust in succession planning

The trust faced its biggest test in 2017 when Jim and Johnny Buss tried to remove Jeanie as controlling owner. Jeanie filed a lawsuit to protect her control over the team. She pointed out that trust documents required her to be both controlling owner and team director.

After this legal challenge, Jim and Johnny stepped down as trustees. Janie and Joey took their place and quickly re-elected Jeanie as controlling owner "for life". This move permanently secured Jeanie's position and showed how Dr. Buss's succession plan successfully handled a major challenge.

All six siblings managed to keep their equal ownership stakes during this time. Only Jeanie and Joey (vice president of research and development) stayed in frontline positions with the Lakers. Dr. Buss's carefully designed power structure ended up doing exactly what he wanted—keeping family ownership while ensuring clear leadership succession.

Internal Power Struggles and Legal Battles

The Lakers' championship glory masked intense power struggles within the Buss family trust that became public in 2017. Their succession plan faced its toughest test when two brothers challenged their sister's control of basketball's most celebrated franchise.

The 2017 ownership dispute

Jeanie Buss received a surprising letter from her eldest brother Johnny on February 24, 2017, just days after she removed Jim from his position as executive vice president of basketball operations. The letter demanded a board meeting on March 7 to elect new Lakers directors. The proposed slate of four directors included Johnny and Jim Buss but left out Jeanie.

This created a potential crisis for the Lakers. The team's corporate bylaws required the controlling owner to be elected from the board of directors. Jeanie's removal from the board would strip her control of the team.

Jeanie's attorney quickly filed a temporary restraining order and lawsuit against her brothers in Los Angeles Superior Court. The legal documents claimed Jim and Johnny Buss had breached their fiduciary responsibilities as co-trustees.

Jim vs. Jeanie: A sibling rivalry

Deep-rooted tensions between the siblings sparked the boardroom battle. Jeanie and Jim didn't speak to each other before Jerry Buss's death. Their relationship grew worse after their father died. Jeanie had to formally request meetings with Jim and GM Mitch Kupchak just to get simple updates on basketball operations.

Jeanie removed Jim after what she described as giving him "ample time to prove himself". Court documents revealed she considered him "completely unfit" to run basketball operations and worried about "damage being done to the franchise".

Money drove the attempted boardroom takeover as much as control did. A family member explained: "They're trying to bust the trust so they can sell their interests". Johnny confirmed this a month later, telling the Los Angeles Times he wanted to potentially sell his shares.

How Jeanie secured lifetime control

The brothers withdrew their board meeting request after Jeanie filed her lawsuit. In spite of that, her attorneys pushed for a permanent solution, reportedly threatening "to compel an accounting of Jim's finances if he did not resign as a trustee".

Jim resigned as co-trustee and his younger sister, Janie, took his place. This changed the power balance decisively since Janie strongly supported Jeanie. Johnny stayed on as the third trustee.

The court granted Jeanie's petition on April 3, 2017. The ruling required trustees to keep her as the Lakers' controlling owner and board member for life. This decision made Jerry Buss's wishes in his will permanent. NBA Commissioner Adam Silver supported the outcome: "Jeanie is as knowledgeable and experienced as any owner in sports and the Lakers are in great hands".

The Business Empire Beyond Basketball

The Lakers stand as the life-blood of the Buss family trust. Their business portfolio grew naturally into entertainment ventures and created a sports empire that reached way beyond the reach and influence of basketball.

Women of Wrestling and other ventures

Jeanie Buss became co-owner of Women of Wrestling (WOW) in 2017. She joined forces with David McLane, GLOW's founder. Her leadership helped WOW land a major syndication deal with Paramount. The show now airs weekly in over 200 U.S. markets. She backed her belief in the venture with "a couple million dollars" of her personal funds, keeping it separate from Lakers operations.

She wanted WOW to create opportunities for female athletes after college. "If you're athletic enough to participate in a college sport, then you have the athleticism and the skill. We'll teach you how to be a wrestler," Jeanie explained.

Brothers Joey and Jesse Buss created their own path with Buss Sports Capital. Their investment firm targets acquisitions in the global sports world. Joey shared their vision with ESPN: "Our vision is to really go after strategic investments and good partners—specifically sports-related investments". Both brothers kept their team roles after selling the Lakers. Joey leads the South Bay Lakers as CEO of the team's G-League affiliate.

Media productions and brand expansion

Jeanie's talent shined in media production. She showed her storytelling skills as executive producer of "Legacy: The True Story of the LA Lakers." The show earned a 2023 Sports Emmy.

Buss family trust net worth today

Sports ownership brought wealth to the family. Jerry Buss built a $700 million fortune. Jeanie's net worth now stands at about $1 billion. The family's success with basketball led to this big deal – a $10 billion Lakers valuation.

The Buss siblings turned their inheritance into a multi-billion-dollar empire. Their influence now spans entertainment, media, and sports investments worldwide.

The $10 Billion Sale: End of an Era

The Buss family trust agreed to sell their controlling stake in the Lakers in June 2025. This sale came after almost 50 years of ownership and set a new milestone in sports business history. The deal valued the franchise at $10 billion, breaking all previous records for professional sports team sales.

Why the Buss family decided to sell

The family didn't take this decision lightly. Jeanie Buss had once firmly stated she was "not going anywhere". The situation changed when her siblings convinced her to sell. They had wanted to sell "some time ago". Recent NBA franchise sales made the timing perfect, especially after the Celtics sold for $6.1 billion.

Mark Walter's acquisition and vision

TWG Global's CEO Mark Walter was the ideal buyer. He already owned a 27% stake from 2021. Walter's track record as the Dodgers' owner since 2012 speaks volumes, with two World Series titles under his leadership. His company, Guggenheim Partners, manages over $325 billion in assets. This gives the Lakers access to much deeper pockets than the Buss family had. Magic Johnson, Walter's business partner, backed the sale strongly: "Mark has been nothing short of a winner".

What remains with the Buss family

The Buss family keeps a 15% minority stake to stay connected with the franchise. Jeanie Buss will stay on as the Lakers' governor "for at least a number of years". She retains control of daily team operations. This setup respects Jerry Buss's legacy while giving the Lakers the financial muscle they need to compete in today's NBA.

Conclusion

The Buss family trust serves as a perfect example of building a modern sports empire. Jerry Buss started with a modest $1,000 real estate investment in 1959 that ended up becoming a $10 billion sports powerhouse. The family's 46-year ownership showed how to balance business smarts with championship dreams, winning 11 NBA titles while growing the franchise's value 150 times.

Jerry Buss's smart trust structure worked well even when family tensions arose. He gave equal ownership stakes to his children but made Jeanie the clear leader, which stopped permanent rifts during power struggles. This careful balance kept the Lakers stable even when sibling rivalries became public.

The trust teaches a key lesson about family businesses – equal inheritance doesn't mean equal control. Jeanie became the controlling owner with the same 11% stake as her siblings, which created clear leadership while treating family fairly.

The Buss family knew how to grow beyond basketball. They expanded into wrestling promotions, media productions, and other sports investments. This business mindset matched Jerry's journey from chemistry professor to real estate success.

The Walter acquisition closes a chapter, but the family's 15% ownership keeps their legacy alive. Jeanie's role as governor helps smooth this transition.

The Buss family's story shows the American dream at its best. Their vision, clear leadership structure, and acceptance of new ideas changed one investment into a family empire. Their approach will shape how sports teams are owned for years to come.

FAQs

Q1. What is the estimated net worth of Jeanie Buss?

Jeanie Buss's net worth is estimated to be approximately $1 billion as of 2025, largely due to the success and increased valuation of the Los Angeles Lakers franchise.

Q2. How was the Buss family trust structured to maintain control of the Lakers?

The trust divided Jerry Buss's 66% controlling ownership equally among his six children, with each receiving an 11% stake. It also designated Jeanie Buss as the controlling owner and required a majority vote of four siblings to approve any potential sale.

Q3. What led to the internal power struggle within the Buss family in 2017?

In 2017, brothers Jim and Johnny Buss attempted to remove Jeanie from the Lakers' board of directors, which would have stripped her of her position as controlling owner. This led to a legal battle that ultimately reinforced Jeanie's control.

Q4. How did the Buss family expand their business empire beyond basketball?

The family diversified their portfolio by investing in ventures like Women of Wrestling (WOW), creating Buss Sports Capital for global sports investments, and producing media content such as the Emmy-winning "Legacy: The True Story of the LA Lakers."

Q5. Why did the Buss family decide to sell their majority stake in the Lakers?

The decision to sell was influenced by changing family dynamics, with reports suggesting that some siblings had wanted to sell for some time. The record-high valuations of NBA franchises also made it an opportune moment for the family to capitalize on their investment.