A significant rift has emerged within the Buss family regarding the sale of the Los Angeles Lakers, with five of the six siblings reaffirming their decision to sell the family's remaining 17.8 percent stake.
This move is intended to facilitate the purchase of a majority stake in the team by Joshua Kushner and Bob Iger, a deal valued at $12.5 billion. However, team governor Jeanie Buss has contested the sale, asserting through her lawyer that the decision is null and void.
In a statement released Tuesday, the five siblings – Jim, Johnny, Janie, Joey, and Jesse Buss – asserted their united decision to sell. "Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community," the statement read. They expressed confidence that Kushner and Iger would uphold the franchise's legacy. "We have tremendous respect for Bob Iger and Josh Kushner and believe they understand what the Lakers represent to Los Angeles and our incredibly loyal fan base."
Earlier, on Monday, a letter from Jeanie Buss' lawyer, Adam Streisand, declared that her agreement was not secured for the sale and that any vote would be "void ab initio." Streisand also filed legal documents to halt the sale. The lawyer's letter argues that any sale requires the approval of all three co-trustees: Jeanie, Janie, and Joey Buss. It further states that a 2017 court ruling and the family trust mandate that the co-trustees vote to ensure Jeanie Buss maintains at least a 15 percent ownership to remain the Controlling Owner.
"Pursuant to the JAB Trust and the attached Court Order, the co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner," the letter claimed. "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."
Jeanie Buss has served as the controlling owner and Governor since her father, Dr. Jerry Buss, passed away in 2013. An agreement was reportedly reached in 2025 when Mark Walter purchased the team, allowing Jeanie to continue as Governor through 2030. Iger has indicated his intention to honor this agreement.
Streisand's letter also alleged a "years-long pattern whereby Joey and Jesse Buss leak false, defamatory and pernicious 'information' ... for the malicious purpose of doing harm to the Los Angeles Lakers so long as Dr. [Jerry] Buss' chosen successor, Jeanie Buss, carries out her father's wishes."
The proposed transaction involves Kushner and Iger acquiring approximately 65 percent of the Lakers from Walter. If the Buss family sells its stake, the new investors would hold roughly 83 percent of the franchise. Kushner must divest his minority ownership in the Miami Heat before the Lakers deal can be finalized. The sale is also subject to approval by the NBA's Board of Governors, with a meeting scheduled for September 15 and 16.