Jeanie Buss Contests Siblings' Vote to Sell Family's Remaining Lakers Stake

LOS ANGELES —

Jeanie Buss, the governor of the Los Angeles Lakers, is disputing her siblings' vote to sell the family's remaining 17.8 percent stake in the team, according to a letter from her lawyer obtained by ESPN and CNBC.

The dispute broke into the open Monday after the Buss family said in a statement that it had agreed to sell its remaining shares in the Buss Family Trust to Bob Iger and Josh Kushner, the same buyers who agreed last week to purchase Mark Walter's majority stake in the team for $12.5 billion. "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," the family said, according to ESPN.

Jeanie Buss's lawyer, Adam Streisand, responded the same day with a letter to her five siblings, Jim, Johnny, Janie, Joey and Jesse Buss, arguing that a 2017 court order bars any sale of the trust's shares without approval from the co-trustees, Jeanie, Janie and Joey Buss. "Any attempt by the co-trustees to do otherwise ... would constitute a breach of trust, breach of fiduciary duty and be in contempt of court," Streisand wrote, according to CBS Sports.

A Fight Over Control

At stake is Jeanie Buss's position as the Lakers' controlling owner. NBA rules require a controlling owner to hold at least 15 percent of a franchise, according to Guardian Sport. If the sale of the family's remaining shares goes through, her stake would fall below that threshold. When Iger and Kushner agreed to buy the team from Walter, Iger told the California Post he intended to honor Walter's earlier agreement that Buss remain governor through 2030, but he added, "If something changes, then it changes."

ESPN reported that the five siblings believe a tag-along provision from the family's 2025 sale to Walter gives them the right to sell their remaining shares at the same valuation Walter secured from Iger and Kushner. Jeanie Buss abstained from Monday's vote rather than voting against it, and multiple sources told ESPN she did not respond to the family's request.

A Trust Dating To 1979

The vote followed an emergency meeting the Lakers' vice president of finance, Joe McCormack, called last Monday to discuss dissolving the family trust and locking down its shares for four years under a new arrangement, according to ESPN. One family source told ESPN that meeting "spooked" the siblings and pushed two more of them to back a sale, days before Walter's deal with Iger and Kushner became public.

The Buss family has held a stake in the Lakers since Jerry Buss bought the team from Jack Kent Cooke in 1979, and the team has won 11 NBA championships under the family's ownership, most recently in 2020, according to ESPN. The NBA's board of governors, which must approve the sale to Iger and Kushner, is not scheduled to meet until September 15, according to Guardian Sport.