The Lakers governor claims her co-trustee approval is vital for any sale of the family's remaining 17.8% stake to Josh Kushner and Bob Iger's group.
Los Angeles Lakers governor Jeanie Buss is actively working to prevent her siblings from selling the Buss family's remaining stake in the storied NBA franchise. The move challenges a recent family vote regarding the future of one of the world's most iconic sports teams.
This dispute arises as Josh Kushner, brother of US President Donald Trump's son-in-law Jared, and former Disney chief executive Bob Iger finalized an agreement to acquire the controlling interest in the Lakers. This broader transaction values the franchise at an astonishing $12.5 billion (£9.3 billion).
Despite the Buss family releasing a statement that they had voted to sell their remaining 17.8% stake to the incoming owners, Jeanie Buss's legal representative has asserted that her approval as a co-trustee is indispensable for any such action, according to reporting by BBC Sport - Basketball.
Family Trust Dispute Over Lakers Ownership
The Buss family trust, established after the passing of patriarch Jerry Buss in 2013, includes his six children, with Jeanie Buss serving as the Lakers' governor. The family had previously stated their decision, saying, "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." They added, "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's lawyer, Adam Streisand, sent a letter to her five siblings, contending that any vote for a sale without her consent "would be and is void." Streisand highlighted that Jeanie, along with siblings Joey and Janie Buss, are co-trustees, and her approval is mandatory for such a significant move. The legal argument centers on the requirement for co-trustees to maintain a minimum 15% ownership to ensure Jeanie Buss's position as controlling owner. Streisand warned that any attempt by co-trustees to facilitate the sale would constitute a "breach of trust, breach of fiduciary duty and be in contempt of court," demanding public clarification that Jeanie Buss remains the controlling owner.
Valuing the Record-Setting NBA Franchise Sale
The current transaction involves the sale of the controlling interest to the Kushner-Iger group for $12.5 billion. This deal follows a previous transaction where Mark Walter acquired his share from the Buss family last year for approximately $10 billion (£7.45 billion). That earlier deal had stipulated that Jeanie Buss would remain governor of the Lakers until 2030.
Should the NBA's board of governors approve the sale next month, it will set a new record as the most expensive sports team sale ever reported. Mark Walter stands to make a swift $2.5 billion (£1.9 billion) profit on his investment in a relatively short period.
A Legacy of Los Angeles Lakers Ownership
The Buss family's connection to the Los Angeles Lakers dates back to 1979 when Jerry Buss acquired the team for $67.5 million (£50 million). That original deal also included the Los Angeles Kings hockey team and a local arena, now known as the Kia Forum. Under Buss family ownership, the Lakers have secured 11 NBA titles, contributing significantly to the franchise's total of 17 championships, which is just one shy of the Boston Celtics' record tally.
Following Jerry Buss's death in 2013, the ownership was transferred to his six children. Jeanie Buss assumed the role of governor, a position she has held ever since. This long-standing family stewardship of the Lakers is now at the heart of the current legal battle.
Key Figures Behind the Latest Lakers Bid
Josh Kushner, a prominent American venture capitalist, is a key figure in the bid. His firm, Thrive Eternal, was previously slated to lead an investor group in a controversial, ultimately aborted plan to sell stakes in FIFA's competitions. His involvement brings significant financial backing and high-profile connections to the potential Lakers acquisition.
Bob Iger, the former chief executive of The Walt Disney Company, also brings considerable experience and influence to the group attempting to acquire the Lakers. His leadership at Disney oversaw significant growth and strategic expansions, making his involvement noteworthy in this high-stakes sports investment.
Frequently Asked Questions
Who is trying to sell their Lakers stake?
Jeanie Buss's siblings are attempting to sell the Buss family's remaining 17.8% stake in the Los Angeles Lakers as part of a larger transaction involving buyers Josh Kushner and Bob Iger.
Why is Jeanie Buss trying to block the sale?
Jeanie Buss is trying to block the sale because her lawyer argues that her approval as one of three co-trustees of the Buss Family Trust is legally required for such a transaction, and without it, the sale vote is void.
What is the estimated value of the Los Angeles Lakers in this transaction?
The Los Angeles Lakers franchise is being valued at $12.5 billion (£9.3 billion) in the overall transaction where Josh Kushner and Bob Iger's group is acquiring the controlling interest.
How long has the Buss family owned the Lakers?
The Buss family has been involved in the ownership of the Los Angeles Lakers since 1979 when patriarch Jerry Buss purchased the team along with other assets for $67.5 million.