A legal battle has emerged within the Buss family over the sale of their 17.8% ownership stake in the Los Angeles Lakers, a dispute that has drawn comparisons to the fictional power struggles depicted in the television series "Succession."
Jeanie Buss, the Lakers' governor, is reportedly contesting a vote by five of her siblings to sell the stake, arguing that the sale cannot proceed without her approval. This internal conflict comes just days after reports indicated that the family's ownership interest was set to be sold for $12.5 billion.
According to a letter obtained by The California Post, Jeanie Buss's lawyer, Adam Streisand, stated that the siblings' vote is "void." He asserted that the family's ownership interest cannot be sold without the approval of the current co-trustees: Jeanie, Janie, and Joey Buss. Streisand also cited a 2017 court order that mandates the family maintain at least a 15% ownership in the Lakers to allow Jeanie Buss to retain her position as governor.
"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," Streisand wrote in the letter. The dispute reportedly stems from a "years-long pattern whereby Joey and Jesse Buss leak false, defamatory and pernicious ‘information’ to Mr. Charania for the malicious purpose of doing harm to the Los Angeles Lakers so long as Dr. Buss’s chosen successor, Jeanie Buss, carried out her father’s wishes,” the lawyer alleged.
This latest family conflict marks another chapter in a history of acrimonious disputes over the franchise since the death of patriarch Jerry Buss in 2013. Previously, Jeanie Buss fired her brother Jim Buss as vice president of basketball operations in 2017, and Jim and Johnny Buss attempted to remove her as controlling owner. More recently, Joey and Jesse Buss were dismissed from their front office roles following a previous sale of the team.
Jerry Buss purchased the Lakers in 1979 and led the franchise to 10 NBA championships. His daughter, Jeanie Buss, oversaw the team's 11th championship win in 2020, becoming the first female controlling owner to achieve this milestone. She had reportedly reached an agreement with previous owner Mark Walter to remain governor for at least five years after a sale, an arrangement that new prospective owner Bob Iger intended to honor. However, the current family dispute has introduced significant uncertainty into the future leadership of the team. The situation is now expected to be resolved through legal proceedings.