Jeanie Buss is flat-out contesting the sale of her family’s stake in the Los Angeles Lakers, setting the stage for what looks like a long, public family brawl. We just found out the Buss family, as ESPN first reported, is trying to offload their 17.8% ownership slice to Bob Iger and Josh Kushner. This comes right after Iger and Kushner snagged a majority stake from Mark Walter last week in a mind-blowing $12.5 billion deal. The kicker? All five of Jeanie’s siblings,Joey, Jesse, Jim, Johnny, and Janie,are reportedly on board with selling. What a mess, right?
The Family Feud Just Got Real Ugly
This isn’t some quiet boardroom maneuver; this is a public dispute. The Buss family has held a piece of Lakers ownership for 47 years, ever since Dr. Jerry Buss bought the team in ’79. Now, Jeanie’s lawyer, Adam Streisand, has shot off a letter, obtained by CNBC, saying any vote pushing this sale “would be and is void.” He’s not pulling any punches, laying out that the JAB Trust’s 17.8% ownership can’t be sold without approval from the current co-trustees: Jeanie, Janie, and Joey Buss. It gets even crazier: Streisand’s letter reminds everyone that the co-trustees are “bound to vote” to keep at least 15% ownership, ensuring Jeanie Buss remains the Controlling Owner. Anything else? That’s a “breach of trust, breach of fiduciary duty and be in contempt of court.” Talk about high stakes.
No Governor Jeanie? That’s the Real Problem
If this sale goes through, Jeanie Buss would actually lose her spot as the Lakers’ governor. That’s huge, folks! The family even put out a statement through ESPN earlier this week, basically saying, “Yeah, we’re selling the remaining shares. We love the Lakers, but it’s time to move on gracefully.” Gracefully? When your own lawyer is dropping legal bombs like “void” and “contempt of court,” I’m not sure “gracefully” is the word I’d pick. It also emerged that just two days before the news broke about Kushner and Iger buying Walter’s majority stake, Lakers VP of finance Joe McCormack called an emergency meeting for the Buss siblings. The agenda? Dissolve the family trust and lock down all shares for four years. What wasn’t discussed at that meeting? Oh, just the *pending sale* of Walter’s stake to Iger and Kushner. Seems pretty important to leave out, doesn’t it? And speaking of Walter, the dude who just sold off his majority stake, he also owns the Dodgers and is currently under a federal fraud investigation. Just another layer of drama to this whole chaotic situation.
So, what’s next? This isn’t just about money; it’s about control, legacy, and the very leadership of one of the NBA’s marquee franchises. Jeanie Buss isn’t backing down, and her family seems set on selling. This isn’t going to be resolved overnight. Keep your eyes peeled, because this off-court battle is heating up, and we’re just getting started on what could be one of the most contentious family fights in sports history.
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by CBS Sports.
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