Buss Family Trust is a 66% controlling ownership of the Lakers passed to Jerry Buss’ six children via a trust, with each child receiving an equal vote (11% for each child).
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His succession plan had daughter Jeanie assume his previous title as the Lakers’ governor as well as its team representative at NBA Board of Governors meetings.
The purchase price of the 27 percent stake has not been disclosed.
Jerry Buss is an American investor and the majority owner of the Los Angeles Lakers professional basketball team in the National Basketball Association (NBA), winning 10 league championships that were highlighted by the team’s Showtime era during the 1980s.
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He is a member of the Naismith Memorial Basketball Hall of Fame as a contributor. Buss owned other professional sports franchises in Southern California.
Buss originally went to invest in real estate in order to provide an income so he could continue teaching. His first investment in the 1960s was $1,000 in a West Los Angeles apartment building.
Finding great success in the real estate business, he, along with longtime business partner, Frank Mariani, formed a real estate investment company, Mariani-Buss Associates.
In 1979, Buss purchased Pickfair, the Beverly Hills estate once owned by Mary Pickford and Douglas Fairbanks;[4] he sold it in 1987.
His contributions to basketball were recognized by his induction into the Basketball Hall of Fame in 2010. Buss received the Golden Plate Award of the American Academy of Achievement in 1983.
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