Jeanie Buss, the governor of the Los Angeles Lakers, is contesting her siblings’ decision to sell the family’s remaining 17.8% minority stake in the team. The prospective buyers are Josh Kushner and Bob Iger, according to a letter obtained by The Associated Press.
ESPN and The Athletic reported that the siblings had decided to sell the stake, which had been part of the family trust since 1979 when Jerry Buss purchased the team. This move could end Jeanie Buss’s role as governor, as it requires at least 15% ownership.
Jeanie Buss, through her attorney Adam Streisand, communicated that any decision to sell must be approved by the current co-trustees: Jeanie, Janie, and Joey Buss. Streisand emphasized that selling without maintaining the requisite 15% ownership would breach trust and fiduciary duties.
Since Jerry Buss passed away in 2013, Jeanie Buss has served as the Lakers’ governor. She was instrumental in last year’s sale of a controlling stake to Dodgers owner Mark Walter, valuing the team at $10 billion. Walter, now under federal scrutiny for tax issues, made a deal with Kushner and Iger to sell his stake for $12.5 billion, setting a new valuation record.
Kushner and Iger aim to acquire roughly 65% of the team from Walter. If the Buss family also sells their portion, they would control about 83%, potentially ousting Jeanie Buss from her governor role, which was previously secured through 2030.
Conflicts among the Buss siblings are not new. Jeanie Buss removed her brother Jim from the head of basketball operations in 2017. Tensions continued with a lawsuit filed by Jim and Johnny Buss attempting to unseat Jeanie from her controlling position. Joey and Jesse Buss were dismissed from team roles in November in another family rift.
Jeanie Buss opposed the sale to Walter, and now claims the siblings’ vote to sell is invalid. The Buss siblings released a statement highlighting their intent to sell the remaining family trust shares to the Iger group.
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. 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.
Streisand contended that Joey and Jesse Buss had leaked negative information about the Lakers for years, undermining Jeanie Buss’s leadership as she fulfilled Jerry Buss’s vision.
The Lakers have been a family-run team, despite their high profile and success. From the Showtime era with Magic Johnson and Kareem Abdul-Jabbar to Kobe Bryant’s leadership and LeBron James securing a 17th title in 2020, the Lakers have remained prominent in the sports world.
The deal with Kushner and Iger requires approval from the NBA’s board of governors, a process that could extend for months.