Los Angeles Lakers governor Jeanie Buss is taking legal action to prevent her siblings from selling the family’s final 17.8% stake in the NBA franchise. The move comes after the Buss family, who have held ownership or minority interests in the team since 1979, announced on Monday that they had voted to offload their remaining shares to an incoming ownership group.
The proposed sale is part of a broader $12.5bn (£9.3bn) deal agreed upon last week. A consortium led by Josh Kushner—brother of Jared Kushner—and former Disney chief executive Bob Iger reached an agreement to acquire a controlling interest in the Lakers from current owner Mark Walter. Walter, who also holds a stake in the LA Dodgers alongside Chelsea chairman Todd Boehly, previously purchased his share from the Buss family last year for approximately $10bn (£7.45bn) in an arrangement that secured Jeanie Buss’s position as governor until 2030.
In a statement released Monday, the family expressed a desire to exit their remaining position, noting, “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. 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.”
Jeanie Buss, who made history in 2020 as the first female controlling owner to lead a team to an NBA championship, is contesting the validity of the sale. Her attorney, Adam Streisand, issued a letter to her five siblings asserting that any vote to sell the shares is “void.” According to Streisand, the transaction requires the approval of three co-trustees: Jeanie, Joey, and Janie Buss.
The legal correspondence argues that the co-trustees are obligated to maintain a minimum 15% ownership stake to ensure Jeanie Buss remains the controlling owner. The letter warns that any attempt to bypass this requirement would constitute a “breach of trust, breach of fiduciary duty and be in contempt of court.” Streisand further demanded that the siblings publicly clarify Jeanie’s status as the controlling owner and cease any actions related to the disputed vote.
The Lakers’ ownership history traces back to 1979, when Jerry Buss acquired the team, the Los Angeles Kings, and the Kia Forum arena for $67.5m (£50m). Following his death in 2013, ownership was divided among his six children. Under the family’s stewardship, the Lakers have secured 11 of their 17 NBA titles, placing them just one championship behind the Boston Celtics’ record.
The current deal involving Kushner follows his recent involvement in a controversial, aborted plan to sell stakes in FIFA competitions to private investors, a project led by his venture capital firm, Thrive Eternal. If the NBA’s board of governors approves the Lakers sale next month, it will set a record as the most expensive sports team transaction in history, netting Mark Walter a $2.5bn (£1.9bn) profit in just one year. The report also notes that however, Jeanie’s lawyer has now said she plans to fight her siblings’ plan to sell. The report also notes that on behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the controlling owner of the Los Angeles Lakers and that your clients shall take no action on this supposed ‘vote’ to sell the 17.8% stake.
