It was supposed to be a done deal, a clean $12.5 billion sale of the Los Angeles Lakers. But Monday’s bombshell proves that in big business, nothing is ever truly settled, especially with family and billions involved. The Buss family’s planned sale of their 17.8% ownership stake in the iconic team to Bob Iger and Jared Kushner? Forget about it for now. Jeanie Buss is slamming the brakes on it, and it looks like a full-blown family feud is erupting.
The Megabucks Deal Hits a Legal Roadblock
Reports earlier suggested this massive megabucks deal, where the Buss family aimed to offload their 17.8% of the franchise to Bob Iger and Jared Kushner, was close to being finalized. Initially, the scuttlebutt was that four of the six Buss siblings simply needed to give their nod of approval. That process was reportedly seen as the way to push Jeanie Buss out of her long-held position as owner and governor. Seriously, can you imagine the audacity? Trying to sideline the person who lives and breathes that organization? That alone signals serious internal conflict brewing.
Jeanie Buss Fires Back With a Legal Hammer
But hold up, because the longtime NBA executive is having none of it. Jeanie Buss isn’t going anywhere without a fight. Her lawyer, Adam Streisand, dropped a legal hammer in a letter obtained by CNBC that makes the situation crystal clear. He flat out states that “No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss.” Talk about a mic drop! This isn’t just a simple disagreement; it’s a full-blown legal showdown. Streisand went further: the co-trustees are “bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner.” Any attempt to go against that? It would be a “breach of trust, breach of fiduciary duty and be in contempt of court.” Yikes! That means trying to force Jeanie out isn’t just a bad look; it’s a legal nightmare, threatening severe consequences.
What’s Next for the Purple and Gold?
So, where does this leave the Los Angeles Lakers and their future? This isn’t just about a colossal sum of money; it’s about control, the legacy of the Buss family, and the very identity of one of the NBA’s most storied franchises. With Jeanie Buss holding firm, backed by such a clear and powerful legal position, that reported $12.5 billion deal is in serious jeopardy. Every single Lakers fan has to be asking: what happens next? Does the family attempt to negotiate? Does this get dragged into court? One thing is certain: this high-stakes drama is far from over, and the ultimate outcome will dictate who truly calls the shots in L.A. for years to come.
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by Yahoo Sports.
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