Photo: Peter Baba

The Buss family has voted to sell its remaining 17.8% stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger, according to ESPN.

The Buss family trust, consisting of Jeanie, Jim, Johnny, Janie, Joey and Jesse Buss, approved the move after receiving the necessary majority.

Four of the six siblings needed to support exercising the tag-along provision connected to Mark Walter’s sale of the franchise to Kushner and Iger, which valued the Lakers at $12.5 billion.

The transaction will also bring a significant change to the Lakers’ leadership structure.

Once the sale is finalized, Jeanie Buss will no longer own a large enough percentage of the franchise to continue serving as the Lakers’ governor.

Under NBA rules, a controlling owner or governor must hold at least a 15% ownership stake.

The deal therefore represents the end of the Buss family’s ownership involvement with the Lakers and will leave Kushner and Iger with an even larger share of the iconic franchise.

Once the transaction is completed, Jeanie Buss will no longer have the required ownership percentage to remain governor. NBA guidelines require controlling owners/governors to own at least 15% of a franchise. https://t.co/e9jLvTvEp7