In a dramatic turn of events concerning the ownership of the Los Angeles Lakers, Jeanie Buss is contesting her siblings’ decision to sell the family trust’s remaining 17.8 per cent stake in the legendary NBA franchise. A letter obtained by The Associated Press reveals that Buss, the team’s current governor, asserts any sale cannot proceed without the consent of the co-trustees, which include herself and her sisters Janie and Joey Buss.
Ownership Dispute Unfolds
Reports from ESPN and The Athletic indicate that Jeanie’s siblings voted recently to sell their minority stake in the Lakers to a consortium led by venture capitalist Josh Kushner and former Disney CEO Bob Iger. This transaction would not only mark a significant change in ownership but also jeopardise Jeanie Buss’s position, as she would lose her governor role that requires a minimum of 15 per cent ownership.
The letter from Jeanie’s attorney, Adam Streisand, firmly states that any actions taken by the co-trustees must be made with a view to preserving the minimum ownership threshold, stating that any deviation would breach trust and fiduciary duties. This legal challenge highlights the bitter family tensions that have erupted since the passing of their father, Jerry Buss, in 2013, who originally purchased the team in 1979.
A Legacy at Stake
Jeanie Buss has been at the helm of the Lakers since her father’s death and was instrumental in selling a controlling stake of the franchise to Dodgers owner Mark Walter last year, valued at approximately £10 billion. Under the recent arrangements, Walter is reportedly looking to sell around 65 per cent of the team to Kushner and Iger for a staggering £12.5 billion, a record-breaking figure for a professional sports team.
Should the transaction go through, it would result in Kushner and Iger controlling about 83 per cent of the franchise, effectively sidelining Jeanie Buss from her leadership role that she was expected to hold until at least 2030.
Family Tensions Resurface
The Buss family dynamics have been fraught with conflict since their father’s demise, leading to a series of public disputes. Notably, Jeanie terminated Jim Buss from his position as head of basketball operations in 2017, which was followed by a lawsuit against him and their brother Johnny. The siblings had previously clashed over various issues, including the sale of the team.
The recent vote to sell the minority stake has been contentious, with Jeanie Buss reportedly the sole dissenter among her siblings. In a joint family statement, they expressed their love for the Lakers while citing the decision to sell as a necessary step to “exit gracefully” from ownership.
The Future of the Lakers
While the Buss family remains divided, the potential sale to Kushner and Iger awaits the approval of the NBA’s board of governors, a process that may take several months to conclude. As the situation develops, the iconic franchise finds itself at a crossroads, with its rich history and legacy hanging in the balance.
Why it Matters
This ownership dispute not only underscores the complexity of family businesses but also highlights the challenges faced by sports franchises in the modern era. The Lakers, a storied franchise with a legacy of success, now stand on the brink of significant change. The outcome of this family feud could reshape the future of the team and alter its relationship with an ever-loyal fanbase. As international interest in sports ownership grows, the implications of this saga extend far beyond the court, potentially influencing how other franchises navigate ownership transitions in the future.
