Jeanie Buss’ lawyer fired off a letter this week, denying she would sell her stake in the Los Angeles Lakers to Bob Iger and Josh Kushner. This came just a day after news broke that the entire Buss family would be selling their share of the team. Talk about drama!
The Buss Family Stands United, Except When They Don’t
So, while Jeanie is reportedly saying “no way,” her siblings Jim, Johnny, Janie, Joey, and Jesse Buss responded with a statement via ESPN’s Shams Charania. They called the Lakers one of the greatest privileges of their lives and said their focus is always on what is best for the team and its fans. They made the decision to sell the family’s *remaining* stake, and claim they remain “united in that decision.” They even had tremendous respect for Iger and Kushner, saying they believe the duo understands what the Lakers mean to LA. Another statement from the Buss family confirmed their decision to sell the remaining Buss Family Trust shares to the Iger group, saying it is “time to use this opportunity to move on and exit gracefully while we still can.”
This all goes down less than a week after Iger and Kushner already scooped up a *majority* stake of the Lakers from Mark Walter. That deal was at a historic $12.5 billion valuation, a new record for a sports team sale. These guys were originally eyeing the Las Vegas expansion franchise, but Iger said they immediately pivoted when they heard Walter might sell the Lakers. He even said the deal came together in just three days. That’s some serious fast cash moving around.
Jeanie Buss’ Role: The Ultimate High Stake
Here’s where it gets wild: The reported sale from the Buss family is for their remaining 17.8 percent ownership stake. If that goes through, it would give Iger and Kushner approximately 83 percent of the franchise. Now, last year, when Walter bought the Lakers at a $10 billion valuation, also a record at the time, the contract explicitly said Jeanie Buss would stay on as the team’s governor. Iger himself even told the California Post’s Khobi Price he planned to honor that.
But, and this is a massive ‘but’, if the Buss family *does* sell their shares as her siblings claim, Jeanie Buss would no longer meet the NBA’s requirement to be a controlling owner. The league says you need at least 15 percent ownership to be a governor. So, if this family feud over the sale isn’t settled, Jeanie could be out of her long-held position. This isn’t just about money, it’s about control and legacy.
This whole situation is a total mess right now for the purple and gold. We’re waiting to see if Jeanie truly digs her heels in against her family, or if this “united” front from her siblings will actually hold. Will the NBA step in? Will Iger and Kushner end up with the full 83 percent? Whatever happens next, Jeanie Buss’s future as Lakers governor hangs in the balance, and that’s a story worth following.
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by Bleacher Report.
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