Jeanie Buss Challenges Siblings’ Lakers Ownership Sale

Jeanie Buss, the governor of the Los Angeles Lakers, is legally opposing her siblings’ plan to sell the family’s 17.8% minority stake in the team to Josh Kushner and Bob Iger. This information comes from a letter obtained by The Associated Press. Initial reports of the potential sale were made by ESPN and The Athletic.

The siblings’ decision would end Jeanie Buss’ role as governor, a position she has held since her father, Jerry Buss, passed away in 2013. Under current rules, this job requires her to maintain at least a 15% ownership stake in the team. The family’s history with the Lakers dates back to 1979, when Jerry Buss purchased the 17-time NBA champion team.

According to a letter from her attorney, Adam Streisand, any decision by the siblings to sell the family trust’s interest must receive approval from the current co-trustees: Jeanie, Janie, and Joey Buss. The letter insists that the co-trustees must vote to maintain the minimum 15% ownership required for Jeanie Buss to remain as Controlling Owner. Any deviation would breach fiduciary duties and could be considered contempt of court.

Jeanie Buss led the sale of a controlling stake in the Lakers to Mark Walter last year, valuing the team at $10 billion. Walter has been under federal investigation for tax issues. Recently, he made a deal to sell his stake to Kushner and Iger, valuing the Lakers at $12.5 billion, setting a new record for a sports team. Kushner and Iger aim to purchase about 65% of the team from Walter, with plans to secure up to 83% if they reach an agreement with the Buss siblings.

The Buss family has faced frequent internal conflicts since Jerry Buss’ passing. Jeanie Buss fired her brother Jim from his executive role in 2017, and she responded to efforts by Jim and another brother, Johnny, to remove her as the controlling owner with a lawsuit. Notably, the siblings previously showed division over the sale to Walter, resulting in the dismissal of Joey and Jesse from their corporate roles in November.

This month, Jeanie Buss indicated that a family vote to sell the family’s remaining stake in the Lakers is void. According to ESPN, she is the only sibling against the final sale. The Buss family issued a statement expressing their intent to sell to the Bob Iger group, emphasizing their continued support for the Lakers despite exiting the team.

Streisand’s letter accuses Joey and Jesse Buss of leaking damaging information to ESPN to harm the Lakers under Jeanie Buss’ leadership.

Jerry Buss originally bought the Lakers, along with the NHL’s Los Angeles Kings and the Forum arena, for $67.5 million. The team became renowned for its “Showtime” style and won five NBA titles in the 1980s with stars like Magic Johnson and Kareem Abdul-Jabbar. The Lakers continued their success, claiming five more championships between 2000 and 2010 under Kobe Bryant, with the 17th title added by LeBron James in 2020.

The sale to Kushner and Iger requires NBA board of governors’ approval, a process that could extend over several months.