The record-breaking $12.5 billion sale of the Los Angeles Lakers has hit a significant snag, as Jeanie Buss, the team's governor, has contested her family's decision to sell their remaining 17.8 percent stake in the franchise. A letter from Buss's lawyer argues that the sale requires the approval of all co-trustees and that any vote authorizing the sale is invalid.
Joshua Kushner and Bob Iger are in the process of acquiring the Lakers from former owner Mark Walter. The Buss family trust, which holds the remaining stake, had previously announced a plan to sell their shares to the new ownership group. This decision was reportedly approved by a majority vote of the six Buss siblings, with only Jeanie Buss voting against the sale. The sale to Walter himself occurred in 2024 for $10 billion.
However, Jeanie Buss's legal counsel, Adam Streisand, has asserted that any sale cannot proceed without the unanimous consent of the three co-trustees: Jeanie, Janie, and Joey Buss. According to Streisand, a 2017 court order and the terms of the JAB Trust mandate that the co-trustees must ensure Jeanie Buss maintains her position as Controlling Owner, a role she has held since her father, Dr. Jerry Buss, passed away in 2013. To retain this status, she must maintain at least 15 percent ownership of the team.
Streisand's letter, obtained by multiple outlets, states that any attempt to sell the stake without the co-trustees' full approval would constitute a breach of trust and fiduciary duty, and potentially be in contempt of court. The letter also demands that Kushner and Iger publicly acknowledge Jeanie Buss as the Controlling Owner and refrain from taking action based on the contested vote.
The other five Buss siblings who voted in favor of the sale released a statement expressing their decision to sell the remaining shares to the Bob Iger group, stating, "We love the Lakers, Laker 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."
Under the terms of the agreement, Kushner and Iger are acquiring approximately 65 percent of the Lakers from Walter. If the Buss family's stake is sold, the investors would collectively own around 83 percent of the franchise. Kushner currently holds a minority stake in the Miami Heat, which he is expected to divest before finalizing the Lakers deal.
The proposed sale is also subject to approval by the NBA's Board of Governors, with a meeting scheduled for September 15 and 16 in New York. Reports suggest that Iger and Kushner intend to honor an agreement made during Walter's acquisition that allows Jeanie Buss to serve as team Governor through 2030. Her lawyer has, however, characterized the actions of Joey and Jesse Buss in pushing the sale as part of a pattern of leaking information to harm the Lakers and undermine Jeanie's role as her father's chosen successor.