In a dramatic twist in the ongoing saga of the Los Angeles Lakers, Jeanie Buss, the team’s governor, is contesting her siblings’ plan to sell their remaining 17.8 per cent minority stake in the franchise. A letter obtained by The Associated Press reveals that Buss argues any sale requires the consent of the current co-trustees of the family trust, which includes herself, Janie, and Joey Buss. This legal battle threatens not only her position but also the family’s legacy within the storied organisation.
Family Disputes Erupt Over Ownership
The conflict among the Buss siblings has intensified following a vote to sell their family’s remaining interest in the Lakers to Josh Kushner and Bob Iger. This decision, first reported by ESPN and The Athletic, would effectively end Jeanie Buss’s tenure as governor, a role that necessitates at least a 15 per cent ownership stake in the team. The Lakers, a franchise steeped in history and success, were acquired by their father, Jerry Buss, in 1979, and the sale would mark a significant shift in control.
Adam Streisand, Buss’s attorney, has asserted that any decision regarding the sale cannot proceed without the agreement of all co-trustees, emphasizing that their duty is to maintain the minimum ownership threshold to secure Jeanie Buss’s role as Controlling Owner. Streisand’s letter warns that any attempts to circumvent this requirement could constitute a breach of fiduciary responsibility and legal contempt.
A Shift in Control: Kushner and Iger’s Potential Acquisition
The backdrop of this family feud is the proposed sale of the Lakers, which has recently been valued at an astounding $12.5 billion. Venture capitalist Josh Kushner and former Disney CEO Bob Iger are reportedly set to acquire approximately 65 per cent of the team from Mark Walter, who had purchased a controlling stake last year for a valuation of $10 billion. Should the deal with the Buss siblings go through, Kushner and Iger would hold around 83 per cent of the franchise, leaving Jeanie Buss without the governor’s title she has held since her father’s passing in 2013.
Jeanie Buss’s leadership has been pivotal in navigating the team through various challenges, including the sale of a controlling interest just last year. However, the recent developments have reignited tensions within the Buss family, which has faced ongoing disputes since Jerry Buss’s death. Notably, Jeanie’s relationship with her brothers has been fraught, culminating in previous legal actions and conflicts over leadership roles.
Familial Struggles and Future Implications
The Buss family has a long history intertwined with the Lakers, with Jerry Buss transforming the franchise into a basketball powerhouse during the “Showtime” era. The potential sale, however, raises concerns about the future of the team as a family-run organisation. The siblings, who voted to sell their shares, issued a statement expressing their love for the Lakers and their desire to exit “gracefully” while they have the chance.
Yet, Jeanie Buss contends that her siblings’ vote is invalid, stating that she was the sole sibling opposing the sale. The rift between Jeanie and her brothers, Jim and Johnny, has been publicly visible, exacerbated by previous dismissals and legal disputes over the direction of the franchise.
The Road Ahead: NBA Approval Required
While the proposed sale to Kushner and Iger is set to reshape the Lakers’ ownership landscape, it still requires the approval of the NBA’s board of governors—a process that could extend for months. As the situation develops, the implications for the team and its storied legacy remain uncertain.
Why it Matters
This dispute within the Buss family highlights the fragile nature of sports ownership, particularly in franchises with deep-rooted histories like the Lakers. The outcome of Jeanie Buss’s legal challenge not only affects her personal stake in the team but also raises questions about the future direction of the Lakers. As the NBA evolves, the potential shift in ownership could signify a departure from the familial ties that have defined the franchise for decades, impacting fans and stakeholders alike.