Five of the six members of the Buss family trust have voted to sell their remaining shares in the Los Angeles Lakers, marking a significant shift in ownership.
In a decisive move, five of the six members of the Buss trust are 'united' in the decision to sell their remaining shares in the Los Angeles Lakers. This decision effectively means that the Buss family no longer owns the team, as they have sold their remaining shares to Bob Iger and Josh Kushner. The vote took place recently, with all of the Buss siblings aside from Jeanie voting to use the tag-along provision to facilitate the sale.
Jeanie Buss, the only sibling opposing the sale, has expressed her disagreement with her siblings' decision. She is contesting the vote, arguing that a court ruling from 2017 states that no sale could be 'effectuated without approval by the co-trustees.' Jeanie has also publicly demanded that it be made clear that she is the Controlling Owner of the Lakers, emphasizing her commitment to the franchise amid the ongoing family dispute.
The Buss family's decision to sell their shares comes after a long history of ownership that has seen the Lakers become one of the most successful franchises in NBA history. Jeanie Buss has been the team's governor since her father's death, and her siblings' vote to sell their shares represents a significant change in the family's involvement with the team. The siblings own a combined 17.8% of the Lakers, which means Jeanie would essentially have to buy all of her siblings’ shares to maintain her position.
As the situation unfolds, the Lakers organization continues to operate normally, unaffected by the internal family drama. The Buss family has stated that the Lakers have never been just a basketball team for them, but rather one of the greatest privileges of their lives. This sentiment underscores the emotional weight behind the decision to sell, as the family navigates the complexities of ownership and legacy.