In a dramatic turn of events, Jeanie Buss, the governor of the Los Angeles Lakers, is legally contesting her siblings’ recent decision to sell the family trust’s remaining 17.8 per cent ownership stake in the iconic NBA franchise. Documents obtained by The Associated Press reveal that this contentious vote, which aims to transfer ownership to investors Josh Kushner and Bob Iger, could jeopardise Jeanie Buss’s position as the team’s controlling owner, a role she has held since her father’s passing in 2013.
Family Division and Ownership Stakes
The Lakers, a franchise steeped in history and success, were originally acquired by Jerry Buss in 1979. Under his ownership, the team flourished, becoming synonymous with the “Showtime” era and earning 17 championships. However, since his death, the Buss siblings have faced ongoing disputes regarding the management and ownership of the team.
Recent reports from ESPN and The Athletic indicated that Jeanie’s siblings had opted to sell the family trust’s minority stake to Kushner and Iger for a staggering $12.5 billion. This agreement would effectively end Jeanie Buss’s tenure as governor, as the role requires maintaining at least a 15 per cent ownership stake in the team. Jeanie’s attorney, Adam Streisand, has asserted that any decision regarding the sale is invalid without the approval of the current co-trustees—herself, Janie, and Joey Buss—emphasising that they are legally obligated to uphold the ownership requirements.
Legal Maneuvering and Familial Tensions
Streisand’s correspondence with her siblings firmly states that any actions taken to facilitate the sale would constitute a breach of trust and fiduciary duty, further complicating an already fractious family dynamic. Jeanie Buss stands alone in her opposition to the sale, with her siblings expressing a desire to move forward with the transaction. They released a statement declaring their love for the Lakers and their intention to exit the ownership gracefully while the opportunity remains.
The division among the Buss siblings has been apparent for years, highlighted by Jeanie’s dismissal of Jim Buss from his role as head of basketball operations in 2017, which was followed by a lawsuit against her brothers, who sought to challenge her authority. Despite their shared love for the Lakers, the siblings have struggled to find common ground, culminating in Joey and Jesse Buss being relieved of their front-office responsibilities last November.
The Future of the Lakers Ownership
Should the sale proceed, Kushner and Iger’s group would acquire approximately 65 per cent of the franchise, increasing their total ownership to about 83 per cent if the deal with the Buss siblings is finalised. The implications of this shift are profound, as it could alter the Lakers’ legacy and management structure significantly. Jeanie Buss had been expected to retain her position as governor at least through 2030 following a previous agreement with Mark Walter, who had been under federal investigation for tax matters prior to the proposed sale.
The deal is not yet finalised and must undergo approval by the NBA’s board of governors, a process that could stretch over several months. The outcome remains uncertain as the Buss family navigates their internal disputes while the future of one of the NBA’s most storied franchises hangs in the balance.
Why it Matters
The ongoing legal battle and familial strife surrounding the Lakers’ ownership encapsulate the complex interplay of sports management, personal relationships, and legacy. As one of the most recognisable franchises in professional sports, the resolution of this dispute will not only impact the Buss family but also shape the future of the Lakers. The potential sale could signal a shift in the team’s operational ethos, moving from a family-centric model to a corporate structure, which may alter the franchise’s connection to its storied past. The outcome will undoubtedly resonate beyond the courtrooms, influencing fans, stakeholders, and the broader landscape of professional hockey and basketball alike.