Los Angeles Lakers governor Jeanie Buss is seeking to prevent her siblings from selling the family's remaining stake in the NBA franchise, according to reports. The dispute centers on the potential sale of the Buss family's 17.8% share in the iconic team.
Last week, Josh Kushner, brother to President Donald Trump's son-in-law Jared Kushner, and former Disney CEO Bob Iger reportedly agreed to a deal to purchase the controlling interest in the Lakers from Mark Walter for $12.5 billion. Walter had acquired his share from the Buss family the previous year for approximately $10 billion, a transaction that stipulated Jeanie Buss would remain as governor until 2030.
The Buss family, which has held an ownership stake in the Lakers since 1979, issued a statement on Monday indicating their intention to sell the remaining shares to the incoming owners. "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," the statement read. "We love the Lakers, Lakers 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."
However, Jeanie Buss' legal representative has stated that she intends to contest the sale. The Buss family trust includes Jerry Buss' six children, with Jeanie having served as the Lakers' governor since her father's passing in 2013.
According to documents obtained by ESPN, Jeanie's lawyer, Adam Streisand, sent a letter to her five siblings asserting that any vote to proceed with the sale would be invalid without her approval as one of the three co-trustees, alongside siblings Joey and Janie Buss. The letter argued that co-trustees are obligated to ensure the minimum 15% ownership requirement is maintained to preserve Jeanie Buss' position as controlling owner. Streisand's letter warned that any attempt to facilitate the sale by the co-trustees would constitute a breach of trust and fiduciary duty. He demanded that the siblings publicly confirm Jeanie Buss as the controlling owner and refrain from taking action on the proposed sale of the 17.8% stake.