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In a dramatic turn of events, Jeanie Buss, the governor of the Los Angeles Lakers, is legally contesting her siblings’ decision to sell the family’s remaining 17.8 per cent minority ownership in the storied franchise. The proposed sale to prominent figures Josh Kushner and Bob Iger could significantly alter the landscape of the team, jeopardising Buss’s position and her family’s legacy within the NBA.
Family Disputes and Legal Maneuvers
The conflict within the Buss family has intensified over their late father Jerry Buss’s legacy. According to a letter obtained by the Associated Press, Jeanie Buss has asserted through her attorney, Adam Streisand, that any sale of the family trust’s ownership stake cannot proceed without the consent of all current co-trustees, namely Jeanie, Janie, and Joey Buss. The letter explicitly states that the co-trustees are obliged to maintain a minimum 15 per cent ownership to ensure Jeanie Buss retains her role as Controlling Owner. Any attempts to circumvent this requirement would constitute a breach of trust and fiduciary duty.
The stakes are high, as the proposed sale represents a shift in ownership dynamics. If completed, it would mark the end of Jeanie Buss’s governorship, a position she has held since her father’s passing in 2013. The Lakers, acquired by Jerry Buss in 1979 for just US$67.5 million, have since evolved into a basketball powerhouse, winning a total of 17 NBA championships.
The Proposed Sale and Its Implications
Reports indicate that the Buss siblings voted to sell the family trust’s remaining interest to the Kushner-Iger consortium for a staggering US$12.5 billion. This deal comes on the heels of a previous agreement with Dodgers owner Mark Walter, who had bought a controlling stake in the Lakers for US$10 billion. It is now understood that Walter has reached a preliminary agreement to sell approximately 65 per cent of the team to Kushner and Iger, potentially granting them an 83 per cent share if they secure the deal with the Buss family.
Jeanie Buss has been vocal about her opposition to the sale, claiming that she was the only sibling to reject the final transaction. In a family statement, her siblings expressed their decision to move forward with the sale, emphasising their love for the Lakers and the fans as they sought to exit gracefully from their involvement.
A Legacy at Stake
The Buss family has faced ongoing internal strife since Jerry Buss’s death, with Jeanie previously dismissing her brother Jim from his role as head of basketball operations in 2017. This family feud has included attempts by some siblings to challenge Jeanie’s position as the controlling owner, leading to complex legal battles and public disputes.
The Los Angeles Lakers have remained a family-run franchise despite their monumental success and prominence within the sports world. Under Jerry Buss, the team became synonymous with the “Showtime” era, capturing five championships in the 1980s with legends like Magic Johnson and Kareem Abdul-Jabbar. The franchise continued to thrive under the leadership of Kobe Bryant and more recently, LeBron James, who delivered the 17th title in 2020.
The Road Ahead
The sale’s completion is contingent upon approval from the NBA’s board of governors, a process that may extend for several months. As the situation unfolds, the future of the Lakers hangs in the balance, along with the Buss family’s storied legacy in basketball.
Why it Matters
This unfolding drama is more than just a family dispute; it strikes at the heart of what the Los Angeles Lakers represent. With a storied history that intertwines with the Buss family’s identity, the potential sale could signify a profound shift in both ownership and the culture of one of the NBA’s most iconic franchises. As Jeanie Buss fights to maintain her role and uphold her father’s legacy, the outcome of this battle will resonate far beyond the court, shaping the future of the Lakers for years to come.
