The Buss family’s exit from the Los Angeles Lakers may not be as straightforward as initially believed, with Jeanie Buss now fighting her siblings’ attempt to sell the family’s remaining stake in the franchise.
According to the Los Angeles Times, Buss’ attorney sent a letter to attorneys representing her brothers. It argues that any vote to sell the family’s remaining 17.8% ownership stake to Bob Iger and Josh Kushner is void. Jeanie’s position is that the sale cannot be completed without approval from the three current co-trustees: Jeanie, Janie and Joey Buss.
The development comes after ESPN reported that at least five of the six Buss siblings voted in favor of selling the family’s remaining shares. That vote would seemingly trigger the family’s participation in the ongoing sale to Iger and Kushner, but Jeanie is now challenging whether her siblings actually have the authority to force the transaction through.
Jeanie’s Argument
“The co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner,” her attorney wrote in the letter, according to the Times.
The letter further argues that attempting to vote otherwise could amount to a breach of trust, breach of fiduciary duty and contempt of court.
That distinction is significant because Jeanie would no longer be eligible to remain Lakers governor if the family’s entire 17.8% stake is sold. NBA governors are required to hold at least a 15% ownership stake in the franchise.
Jeanie had previously been expected to remain governor through 2030, even after the Buss family sold its majority ownership to Mark Walter last year. Iger and Kushner were also reportedly prepared to honor that arrangement after agreeing to purchase Walter’s stake.
The latest family dispute now puts those plans in question.
Buss Family Wants to Move On
Despite Jeanie’s opposition, a statement attributed to the Buss family indicated that the family had collectively decided it was time to leave the franchise. The disagreement represents another chapter in a complicated history between the Buss siblings.
Each of Jerry Buss’ six children eventually held roles within the Lakers organization, but Jeanie emerged as her father’s successor and later consolidated control following legal battles with Jim and Johnny. Joey and Jesse Buss were also dismissed from their front-office positions last November following the sale to Walter.
Now, those family divisions could determine whether the Buss name remains attached to the Lakers at all.
Ownership Remains Unresolved
Iger and Kushner agreed last week to purchase Walter’s controlling stake in the Lakers at a record $12.5 billion valuation. The addition of the Buss family’s shares would bring their ownership stake to approximately 83%.
However, both transactions still require approval from the NBA Board of Governors, and Jeanie’s legal challenge adds another potential hurdle to completing the ownership transition.
Jerry Buss purchased the Lakers, The Forum, and the Los Angeles Kings for $67.5 million in 1979 and transformed the Lakers into one of the world’s most recognizable sports franchises. The organization won 11 championships during the Buss family’s ownership, including the 2020 title with Jeanie serving as controlling owner.
What initially appeared to be the definitive end of that era has now become one final Buss family battle for control of the Lakers.
