Jeanie Buss contests family sale of Lakers

For more than 4 many years, the Lakers have been a family-run business — sibling rivalries and all.

Jeanie Buss is combating back after her siblings reportedly voted to promote the family’s remaining stake in the Lakers on Monday. The crew’s governor, through her attorney, despatched a letter to her brothers’ attorneys stating any votes to promote the Buss family’s remaining 17.8% stake in the crew to new majority homeowners Bob Iger and Joshua Kushner are void because the sale can’t be accomplished without approval of current co-trustees Jeanie and her youthful siblings, Janie and Joey.

ESPN reported Monday that the six Buss family siblings, who took over crew possession after their father, Jerry Buss, died in 2013, are promoting their shares of the Lakers to Iger and Kushner following a family vote. Iger, the longtime Disney chief govt, and Kushner, a enterprise capitalist and entrepreneur, agreed last week to buy Mark Walter’s controlling stake of the Lakers for a file valuation of $12.5 billion.

The transactions still need to be permitted by the NBA board of governors. Jeanie Buss, who remained the Lakers governor even after Walter’s buy of the crew was permitted last October, would no longer be eligible to serve on the board if the Buss family sells its shares. Governors are required to own at least 15% stake in a crew in order to serve on the board.

“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,” the letter from Buss’ attorney reads, citing a 2017 court ruling outlining Jeanie Buss’ position. “Any attempt by the co-trustees to do otherwise and any attempt to aid or abet the co-trustees as such would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”

In a assertion to ESPN about the sale, a assertion attributed to the Buss family read: “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, 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 Buss family has owned the crew since 1979, when Jerry Buss purchased the franchise, The Forum and the Los Angeles Kings for $67.5 million. The family patriarch leveraged Hollywood glamour with leisure spectacle to elevate the Lakers into an internationally acknowledged model. The league’s greatest stars shone brightest in L.A.; Jerry West, Kareem Abdul-Jabbar, Magic Johnson, Shaquille O’Neal and Kobe Bryant helped pile up 10 NBA championships under Buss. The Laker Girls grew to become a harbinger of sports activities dance groups to come. Celebrities flocked to the sideline. Books and TV reveals told the crew’s Hollywood story.

Each of Buss’ six kids — Jeanie, Jim, Johnny, Janie, Joey and Jesse — held titles in the group. Jeanie was her father’s hand-picked successor. Despite being one of the most recognizable franchises in the world, the Lakers have been a family-run business, full with occasional squabbles.

Jeanie fought to preserve her place through legal battles against older brothers Johnny and Jim, finally ousting them from crew operations. Joey and Jessie, the 2 youngest, have been fired last November. Joey was the crew’s alternate governor and vice president of research and development and Jesse was the assistant common supervisor. Janie held an administrative position directing the crew’s charitable providers.

The booming sports activities business shortly caught up to the crew that once held the eye of the town with the league’s greatest stars, iconic “Showtime” model and previous Hollywood really feel. The Lakers slogged through a six-year playoff drought from 2013-19. The crew began falling behind in assets and income in contrast to other organizations that managed their own arenas and might maximize various income streams. The Buss family voted to relinquish a majority possession of the crew in 2025, bringing in Walter, who also owns the Dodgers.

Jeanie was to stay the governor of the crew for at least 5 years under Walter, but the investment mogul who is under federal investigation for unpaid loans shockingly bought his stake in the Lakers last week to Kushner and Iger. Kushner, a co-founder of a enterprise capital firm Thrive Capital and the everlasting holdings company Thrive Eternal, could have to divest a minority stake in the Miami Heat before the Lakers buy could be permitted. Iger is the longtime Disney chief govt who already owns Angel City FC and beforehand flirted with NFL possession by attempting to construct an NFL stadium in Carson before the project finally went to Stan Kroenke-led SoFi Stadium in Inglewood.

Jeanie, who was the first feminine controlling proprietor to win an NBA title in 2020, was to stay the governor of the crew for 5 years under Walter, but the investment mogul who is under federal investigation for unpaid loans shockingly bought his stake in the Lakers last week to Kushner and Iger. Kushner is a co-founder of a enterprise capital firm Thrive Capital, which began a everlasting holdings company Thrive Eternal this 12 months. Iger is the longtime Disney chief govt who already owns Angel City FC and beforehand flirted with NFL possession by attempting to construct an NFL stadium in Carson before the project finally went to Stan Kroenke-led SoFi Stadium in Inglewood.

The $12.5 billion Lakers sale surpassed Walter’s then-record $10 billion price tag from 2025.

Before including the Buss shares, the Lakers majority stake sale already was the biggest sum paid for any skilled sports activities franchise, with the $9.612 billion paid for the NFL’s Seattle Seahawks next in line. It sits below, however, Sportico’s estimate for the most useful professional sports activities franchise, with the outlet itemizing the Dallas Cowboys’ valuation at $15.5 billion.

Minority stakeholders Dr. Patrick Soon-Shiong, who also owns the Los Angeles Times Media Group; real estate billionaire Ed Roski; and Walter business accomplice Todd Boehly own about 14% of the Lakers, according to Sportico.

How Iger and Kushner will finance the Lakers deal is unclear.

When the duo agreed to buy Walter’s share last week, Kushner and Iger launched a assertion that in half praised the Buss family’s work with the Lakers.

“We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” the assertion read. “Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”