Los Angeles Lakers governor Jeanie Buss is disputing her siblings’ attempt to sell the family’s minority ownership stake in the team. Documents obtained by The Associated Press reveal the siblings’ plan to sell the remaining 17.8% stake to Josh Kushner and Bob Iger.
Sources like ESPN and The Athletic report the decision to sell the family trust’s interest in the Lakers, a team overseen by Jerry Buss since 1979. If executed, the sale would terminate Jeanie Buss’ role as the Lakers’ governor, a position that mandates at least 15% ownership.
Jeanie Buss’ attorney, Adam Streisand, addressed the siblings in a letter, emphasizing that any sale requires approval from current co-trustees: Jeanie, Janie, and Joey Buss. The letter states that these co-trustees are obligated to sustain the 15% ownership to ensure Jeanie Buss remains the Controlling Owner. Defying this obligation would breach trust and fiduciary duties.
“Any attempt by the co-trustees to do otherwise, and any attempt to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court,” wrote Streisand.
Since Jerry Buss’ passing in 2013, Jeanie Buss has been the Lakers’ governor and played a key role in selling a controlling stake to Dodgers owner Mark Walter last year, valuing the team at $10 billion. Walter, facing a federal tax investigation, recently agreed to sell the Lakers to Kushner and Iger for $12.5 billion, setting a new record for major sports teams.
Kushner, a venture capitalist, and Iger, a former Disney CEO, are projected to secure 65% ownership from Walter. This may rise to 83% if an agreement is reached with the Buss siblings, resulting in Jeanie Buss losing her governor position, which she was expected to retain until 2030 under the previous deal with Walter.
The Buss siblings have had continuous disputes since Jerry Buss’ death. Jeanie Buss dismissed Jim Buss from his role as head of basketball operations in 2017, leading to a lawsuit shortly after amid Jim and Johnny Buss’ efforts to remove her from her controlling role. Not all siblings supported the sale to Walter, and Joey and Jesse Buss were dismissed from front-office roles in November.
Despite a family vote favoring the sale, Jeanie Buss argues any vote held is invalid. She was the sole sibling opposing the final sale, according to ESPN reports.
The Buss family issued a statement: “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’s letter accuses Joey and Jesse Buss of leaking information to ESPN for years with the intent to harm the Lakers as long as Jeanie Buss, Jerry Buss’ chosen successor, carries on his legacy.
Jerry Buss, originally a chemist and real estate investor, bought the Lakers alongside the NHL’s Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million. Under his leadership, the Lakers enjoyed significant success, earning five NBA titles between 1980 and 1988, led by stars Magic Johnson and Kareem Abdul-Jabbar.
Despite the NBA’s growing corporate presence, the Lakers remained a family-run entity, heavily influencing the basketball sphere with top players and coaches. Kobe Bryant spearheaded five more championships between 2000 and 2010, with LeBron James adding the 17th title in 2020.
The proposed sale to Kushner and Iger is subject to NBA board of governors’ approval, a process expected to span several months.
Additional information can be found at AP NBA.