Jeanie Buss, the governor of the Los Angeles Lakers, is in a legal dispute with her siblings over the sale of the team's remaining shares. The family's legal team, led by Adam Streisand, argues that Jeanie Buss is the controlling owner and that any sale must be approved by her and the co-trustees. This comes after the family voted to sell their shares to Josh Kushner and Bob Iger for $12.5 billion, a valuation that Jeanie Buss contests.
The legal battle revolves around a tag-along provision included in the previous sale to Mark Walter in June 2025. This provision grants the family the right to tag along to any sale and valuation Walter secured. Jeanie Buss was set to remain the team's controlling owner for five years under the agreement with Walter. However, Kushner and Iger's spokesperson declined to comment on the situation.
Streisand's letter to the five siblings highlights a 2017 court ruling that no sale can be effectuated without approval by the co-trustees, including Jeanie, Janie, and Joey Buss. He emphasizes that the co-trustees must ensure the minimum 15% ownership requirement is maintained to keep Jeanie Buss as the controlling owner. Any attempt to sell the shares without her approval would be a breach of trust and fiduciary duty, according to Streisand.
The family's internal dynamics are also a key factor in this dispute. Jeanie Buss was the lone sibling who did not vote to sell the team, and sources suggest that the vote was called after an emergency meeting to discuss the dissolution of the family trust and locking down all family shares for four years under a new trust. The meeting, held on Tuesday, did not mention Walter's impending sale to Kushner and Iger, which may have further complicated the situation.
This legal battle raises questions about the future of the Lakers and the dynamics of the Buss family. It also highlights the complex legal and familial ties that can arise in professional sports ownership. As the dispute unfolds, it will be interesting to see how the courts and the family's legal team navigate the intricate web of ownership and control in this iconic franchise.
