The Buss family's plan to sell its 17.8% stake in the Los Angeles Lakers is facing opposition from Jeanie Buss, the team's governor. Jeanie's lawyer, Adam Streisand, declared that a supposed vote to sell, agreed upon by her siblings, is invalid as it violates the Buss family trust requirements. Reports suggested the family was moving to sell their shares to Bob Iger and Josh Kushner, but Jeanie insists that she must remain the controlling owner, necessitating a minimum of 15% ownership by the family. This reflects ongoing tensions among the Buss siblings, particularly with Jim, Joey, and Jesse Buss.

By the Numbers
  • The Buss family owns 17.8% of the Lakers, with Jeanie Buss needing at least 15% to maintain control.
  • The reported sale of the majority stake was valued at $12.5 billion, offering a significant shift in ownership dynamics.
State of Play
  • Jeanie Buss has publicly opposed the sale, asserting her legal rights under the family trust.
  • The prospective sale to Iger and Kushner awaits approval from the NBA's board of governors.
What's Next

As negotiations unfold, Jeanie Buss's position as controlling owner could be solidified or undermined, dependent on the family's legal and financial maneuvers. The ongoing conflict between the Buss siblings may lead to further legal battles and potential restructuring within the organization.

Bottom Line

The situation underscores the complexities within the Buss family as they navigate ownership stakes amid significant team valuation. Jeanie's commitment to retaining control of the Lakers indicates a potential standoff, signaling that family dynamics will continue to shape the franchise's future.