Source: basketnews.com
The Bass family has decided to sell the remaining 17.8% stake in the Los Angeles Lakers to the new majority owners, Josh Kushner and Bob Iger, according to insider Shams Charania.
The Bass family trust, which includes siblings Jeanie, Jim, Johnny, Jeanie, Joey, and Jesse, secured the necessary majority vote to allow the trustees to proceed with the sale. Under the terms of Mark Walter’s stock sale agreement with Kushner and Iger, which valued the Lakers at $12.5 billion, four out of six votes were required to approve the transaction.
Once the deal is finalized, Jeanie Bass will no longer hold the minimum stake required to remain the controlling owner of the club. NBA rules mandate that controlling owners and governors must possess at least 15% of a franchise’s shares.
Related Stories
