Jeanie Buss Challenges Siblings’ Lakers Sale Plan

Jeanie Buss, governor of the Los Angeles Lakers, is legally opposing her siblings’ plan to sell their remaining 17.8% minority stake in the team. This potential sale involves buyers Josh Kushner and Bob Iger. The Associated Press obtained a letter from Buss’ attorney, Adam Streisand, stating any sale requires the approval of current co-trustees: Jeanie, Janie, and Joey Buss.

The letter emphasizes that the co-trustees are obligated to maintain at least 15% ownership. This ensures Jeanie Buss can remain the team’s controlling owner. Any action otherwise would breach trust and fiduciary duties.

Jeanie Buss took over as the Lakers’ governor after Jerry Buss, their father, passed away in 2013. She guided the family’s decision to sell a controlling interest in the Lakers to Mark Walter, the Dodgers’ owner, last year. That valuation was $10 billion. Recently, Walter struck a deal to sell the Lakers to Kushner and Iger, valued at $12.5 billion, marking another record for a pro sports team.

Kushner, a venture capitalist, and Iger, a former Disney CEO, aim to purchase around 65% of the team from Walter. If they succeed in buying the Buss family’s shares, they would own about 83% of the franchise. Jeanie Buss would, thus, lose her governor role despite her agreement with Walter, which secured her position until at least 2030.

The Buss siblings have experienced frequent conflict since Jerry Buss’ death. Notably, in 2017, Jeanie Buss dismissed her brother Jim from his role as the head of basketball operations, leading to a lawsuit when Jim and Johnny tried to remove Jeanie as the controlling owner.

This month, the siblings claimed to have voted to sell their family’s remaining interest, but Jeanie Buss contests the legitimacy of this vote. ESPN reported that Jeanie was the sole sibling opposing the final sale.

A statement from the Buss family acknowledges the decision to sell to the Bob Iger group as part of ongoing transactions. They express love for the Lakers and their fans, but cite the timing as an opportunity to exit gracefully.

Attorney Streisand’s letter also accused Joey and Jesse Buss of leaking damaging information to ESPN with the intent to harm the Lakers under Jeanie Buss’ leadership.

Jerry Buss purchased the Lakers, the NHL’s Los Angeles Kings, and the Forum arena from Jack Kent Cooke for $67.5 million. Under his leadership, the Lakers entered a “Showtime” era, winning five NBA titles between 1980 and 1988.

Despite growing corporate influence in NBA and professional sports, the Lakers maintained a family-run dynamic while achieving significant success. Kobe Bryant led the team to five more championships between 2000 and 2010, with LeBron James securing the 17th title in 2020.

The sale to Kushner and Iger requires NBA board of governors’ approval, a process that may span several months.