Lakers ownership battle escalates as Jeanie Buss fights siblings over team sale

The Los Angeles Lakers ownership saga has taken another dramatic turn after an attorney for Jeanie Buss said she intends to challenge her siblings’ plan to sell the family’s remaining 17.8% stake in the NBA franchise.

Multiple media outlets reported Monday that the Buss family had agreed to sell its remaining interest to a new ownership group led by former Disney chief executive Bob Iger and Joshua Kushner.

The development followed reports that Iger and Kushner had agreed to pay a record $12.5 billion for the Lakers from previous majority owner Mark Walter.

In a statement, the Buss family said they had decided to sell the remaining shares held through the family trust.

“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.”

The family added that they would continue to support the Lakers and their fans despite ending their ownership involvement.

“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.”

However, Jeanie Buss has disputed the move and reportedly did not approve the proposed sale.

Her attorney, Adam Streisand, sent a letter to her five siblings arguing that any attempt to approve the sale would be invalid without Jeanie’s consent.

Buss is one of three co-trustees of the family trust, alongside Joey Buss and Janie Buss, and her attorney maintains that her approval is required before the Lakers stake can be sold.

“Co-trustees are bound to vote to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner,” the letter stated.

The attorney further warned that any attempt to facilitate the sale could constitute a breach of trust and fiduciary duty, as well as potentially violate a court order.

Jeanie Buss has served as the Lakers’ NBA governor since 2013, taking over the role following the death of her father, legendary Lakers owner Jerry Buss.

According to reports, she was the only family member who did not vote in favor of the proposed sale.

Buss had previously reached an agreement with Walter allowing her to remain as the team’s governor. However, if the family’s remaining stake is sold, she would no longer hold the minimum 15% ownership interest reportedly required to retain that position.

“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,” Streisand wrote.

The latest dispute comes after the Buss family sold a majority stake in the Lakers to Mark Walter last year for $10 billion, setting a record at the time for the highest price ever paid for a U.S. sports franchise.

Under the proposed new arrangement, Bob Iger and Joshua Kushner would control approximately 83% of the Lakers if the transaction receives approval from NBA team owners.

The deal is expected to be considered at an upcoming NBA Board of Governors meeting in New York next month, potentially setting the stage for a major showdown over the future ownership structure of one of basketball’s most iconic franchises.