Jeanie Buss, the governor of the Los Angeles Lakers, is challenging her siblings’ plan to sell the family’s remaining ownership stake in the team. This legal dispute emerges as her siblings attempt to sell a 17.8% minority stake to Josh Kushner and Bob Iger. The Associated Press obtained a letter revealing these developments.
The decision to sell the Buss family trust’s share in the 17-time NBA champion could affect Jeanie’s role. As governor, she requires at least 15% ownership. Both ESPN and The Athletic had earlier reported the siblings’ vote to sell the interest initially bought by their father, Jerry Buss, in 1979.
Adam Streisand, Jeanie’s attorney, sent a letter to her siblings’ representatives stating the sale cannot occur without consent from current co-trustees Jeanie, Janie, and Joey Buss. The letter emphasizes maintaining at least 15% ownership to keep Jeanie Buss as Controlling Owner, and warned that any attempt to proceed otherwise would violate trust and fiduciary duties.
Jeanie Buss has fulfilled the role of governor since her father’s death in 2013. She spearheaded the decision to sell a controlling stake to Dodgers’ owner Mark Walter last year for a valuation of $10 billion. Recently, Walter made a deal with Kushner and Iger to further sell the Lakers at a valuation of $12.5 billion, setting a new record for a pro sports team.
Kushner, a venture capitalist, and Iger, former Disney CEO, are reportedly acquiring approximately 65% of the team from Walter. With an additional stake from the Buss siblings, they would possess about 83%, resulting in Jeanie losing her governor role, which was assured until 2030 under Walter’s agreement.
Since Jerry Buss’s passing, the Buss siblings have experienced frequent conflicts. In 2017, Jeanie removed Jim from his role as the Lakers’ head of basketball operations, followed by a lawsuit against her brothers as they attempted to remove her from the controlling ownership position. Not all siblings supported the sale to Walter, and Joey and Jesse were dismissed from the team’s front-office last November.
The siblings announced their decision to sell the trust shares to the Iger group, but Jeanie contests any voting as invalid. According to ESPN, she was the sole sibling against 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 family stated. “We love the Lakers, Laker fans, and will continue to support Los Angeles. However, it is time to take this opportunity to move on and exit gracefully.”
Streisand’s letter accuses Joey and Jesse Buss of leaking information to ESPN with intentions of harming the Lakers while Jeanie continues her father’s intended leadership.
Jerry Buss, a chemist and real estate investor, purchased the Lakers along with the Kings and the Forum for $67.5 million from Jack Kent Cooke. Under his ownership, the Lakers rose to prominence with their “Showtime” play style, winning five NBA titles between 1980 and 1988.
Despite the corporatization of sports, the Lakers stayed a family business, showcasing some of basketball’s greatest talents. Kobe Bryant guided the team to five more titles from 2000 to 2010, and LeBron James clinched the 17th championship in 2020.
The sale agreement involving Kushner and Iger awaits approval from the NBA’s board of governors, a process anticipated to take several months.
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