The initial court hearing for Lakers Governor Jeanie Buss' petition to prevent her siblings from selling their ownership shares in the basketball franchise has been rescheduled. The hearing, originally set for November 5, was postponed to December 8 at the request of Buss' attorney, Adam Streisand, who cited prior speaking engagements in Europe.
Jeanie Buss filed a petition in Los Angeles Superior Court to block five of her siblings—Jim, Johnny, Janie, Joey, and Jesse Buss—from selling their combined 17.8% stake in the Lakers. These siblings had voted to sell their shares to Josh Kushner and Bob Iger, who had agreed to purchase the majority shares of the team from Mark Walter for a $12.5 billion valuation. This transaction followed Walter's purchase of the Lakers from the Buss family less than a year prior for $10 billion.
In her 97-page petition, Jeanie Buss described her siblings' actions as "devious" and stated she was "blinded" by the attempted sale. The petition asserts that a family statement provided to ESPN, claiming Jeanie had agreed to the sale, was "knowingly false" as she was never consulted or informed.
The petition seeks five court orders: instructing trustees to comply with a 2017 court order, declaring a purported trustee resolution void, removing and surcharging co-trustees Joey H. Buss and Janie M. Buss for breach of fiduciary duty, and holding Joey H. Buss, Janie M. Buss, James Buss, Johnny Buss, and Jesse Buss in contempt and liable for aiding and abetting.
Jeanie Buss, who has served as the Lakers' governor since 2013 following the death of her father, Dr. Jerry Buss, maintains that her siblings cannot legally execute a sale without her approval. NBA rules require the team's governor to maintain control of at least 15% of the franchise. The agreement with Mark Walter stipulated that Jeanie Buss would remain the team's governor for at least five years, through 2030.
Kushner and Iger have stated their intention to honor the agreement made with Walter. Streisand's initial letter to the siblings' legal representatives demanded a retraction of the proposed sale announcement, emphasizing that family trust rules and a 2017 court ruling affirm Jeanie Buss' control as an owner.
Jeanie Buss argues that her efforts to block the sale are not only to "enforce her parents' intent" but also to "protect the strategic decision by the trustees less than a year ago to sell a portion of the team and retain an interest sufficient to maintain control and to benefit from the continuously skyrocketing value." The petition also indicates that other minority owners support her continued role as governor.