What happened: Iger and Josh Kushner agreed to buy the franchise from Mark Walter for $12.5 billion. Iger left room for a later change while expressing respect for Buss and her standing within the organization.
Why it matters: The Kushner-Iger transaction still requires approval from NBA owners. Retaining Buss would provide leadership continuity through the franchise's second ownership transition in less than a year.
By the numbers: Walter took majority ownership at a $10 billion valuation in October 2025. The new $12.5 billion agreement represents a 25% increase in under a year.
What to watch: NBA owners must approve the sale before the incoming group takes control. Any changes to Buss' role after closing will shape the franchise's leadership structure.