Jeanie Buss Challenges Siblings’ Plan to Sell Lakers Stake

Jeanie Buss, governor of the Los Angeles Lakers, is opposing her siblings’ decision to sell the family’s remaining 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 from ESPN and The Athletic mentioned that the Buss siblings had voted to sell the family trust’s interest in the team. This decision could end Jeanie Buss’ stint as the Lakers’ governor since the role mandates at least 15% ownership of the team.

Jeanie Buss’ lawyer, Adam Streisand, communicated to the siblings’ representatives that any attempt to sell the family trust’s ownership stake requires the approval of the current co-trustees, Jeanie, Janie, and Joey Buss. The letter emphasized that the co-trustees are committed to maintaining the minimum 15% ownership requirement for Jeanie Buss to continue as Controlling Owner. Any effort to do otherwise would be a breach of trust and fiduciary duty and could be considered contempt of court.

Since the death of their father, Jerry Buss, in 2013, Jeanie Buss has served as the Lakers’ governor. She was instrumental in the family’s decision to sell a controlling stake in the Lakers to Dodgers owner Mark Walter last year, valuing the team at $10 billion. Walter, under federal investigation for tax issues, swiftly agreed to sell the Lakers to Kushner and Iger at a new valuation of $12.5 billion.

Kushner and Iger plan to acquire about 65% of the team from Walter, and if they purchase the Buss family’s shares, their ownership would increase to about 83%. This move would cause Jeanie Buss to forfeit her governor role, which she was scheduled to retain through 2030 under Walter’s agreement.

The Buss siblings have had ongoing disputes since Jerry Buss’ passing. Jeanie Buss dismissed her brother Jim from his role in 2017 and was later involved in a lawsuit when Jim and Johnny attempted to remove her from her leadership position. Not all siblings wanted to sell to Walter. Last November, Joey and Jesse Buss lost their front-office positions with the team.

The siblings assert they voted this month to sell their remaining stake in the Lakers, but Jeanie Buss disputes the vote’s validity. ESPN reported she was the only sibling to oppose the sale.

“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the Buss family stated.

“We love the Lakers, Laker fans and will continue to support Los Angeles, but it is time to use this opportunity to move on and exit gracefully while we still can.”

In his letter, Streisand accused Joey and Jesse Buss of leaking information to ESPN to harm the Lakers while Jeanie Buss fulfilled her father’s wishes. Jerry Buss, a chemist and real estate investor, purchased the Lakers along with other assets for $67.5 million. Under his ownership, the Lakers enjoyed a successful period known for their “Showtime” style, securing five NBA titles between 1980 and 1988.

Despite the increasingly corporate nature of professional sports, the Lakers have remained a family-run entity. The team has continued to achieve success with several championships, adding to their storied history. The sale agreement to Kushner and Iger requires approval from the NBA’s board of governors, and this process may take months.