Los Angeles Lakers governor Jeanie Buss is legally challenging her siblings’ decision to sell the family’s 17.8% stake in the franchise to Bob Iger and Josh Kushner, citing a 2017 court ruling that requires co-trustee approval for any sale.
The Buss family’s 47-year stewardship of the Los Angeles Lakers faces a pivotal moment as Al Jazeera, the team’s governor, fights to block her siblings’ vote to sell the family’s remaining 17.8% ownership stake to Bob Iger and Josh Kushner. The deal, valued at $12.5 billion, would make the former Disney CEO and venture capitalist the largest shareholders in the franchise, but Jeanie’s legal opposition has thrown the transaction into legal limbo.
A Legal Fight Over Lakers Ownership
Jeanie Buss’s attorney, Adam Streisand, has sent a letter to her siblings asserting that any sale of the Buss Family Trust’s shares is “void” without her consent. The letter references a 2017 court order requiring approval from all co-trustees—Jeanie, Janie, and Joey Buss—to effectuate a sale. No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees,
Streisand wrote, adding that any attempt to proceed without her input would constitute a breach of trust
and contempt of court.
The dispute centers on NBA rules that mandate controlling owners must hold at least 15% of a franchise. Jeanie, who has served as Lakers governor since 2013, argues that selling the stake would strip her of her controlling status.
NBA Approval and the 15% Ownership Rule
The NBA’s Board of Governors must approve any major ownership change, and the league’s rules require controlling owners to maintain a minimum 15% stake. Jeanie Buss’s position as the franchise’s governor is tied to her ownership percentage, and the sale would reduce her share below that threshold. The co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained,
Streisand’s letter stated, emphasizing that Jeanie’s role as controlling owner depends on her continued ownership.
The Buss family’s remaining shares were part of the original $12.5 billion valuation, but Jeanie’s opposition has stalled the process.
A Family Divided and a Franchise’s Legacy
The Buss family’s ownership of the Lakers dates back to 1979, when Jerry Buss purchased the team from Jack Kent Cooke for $67.5 million. The family’s decision to sell reflects broader tensions, with Jeanie opposing the move while five of her six siblings supported it. 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 siblings said in their statement.
The outcome of the legal battle will determine whether the sale proceeds.
For now, the Lakers’ future remains uncertain.
