Los Angeles Lakers president Jeanie Buss is actively opposing a reported sale of the Buss family's stake in the NBA franchise, asserting that her siblings cannot legally execute such a transaction without her consent. Buss has taken legal steps, including filing paperwork with the Superior Court of Los Angeles Central District, to halt the potential sale to investors Bob Iger and Joshua Kushner.
A letter from Buss's lawyer, Adam Streisand, addressed to law firms representing her five siblings—Jim, Johnny, Janie, Joey, and Jesse—contends that any vote by the Buss family to sell the team would be "Void ab initio," meaning void from the beginning. The letter further states that no sale of the JAB Trust's 17.8% ownership interest can be completed without the approval of the current co-trustees, who include Jeanie Buss, Janie Buss, and Joey Buss.
According to the lawyer's statement, the co-trustees are bound by the JAB Trust and a court order to vote the Lakers shares in a manner that maintains the minimum 15% ownership requirement, which ensures Jeanie Buss remains the controlling owner. Any attempt to circumvent this, the letter warns, would constitute a breach of trust, a breach of fiduciary duty, and contempt of court. Streisand has demanded that the siblings' representatives publicly confirm Jeanie Buss's status as the controlling owner and refrain from taking any action on the purported vote to sell the stake.