Jeanie Buss opposes the decision made by her siblings to sell the family's remaining 17.8% share of the Lakers to Kushner and Iger.
The Buss family has voted to sell their remaining 17.8% share of the Los Angeles Lakers to Josh Kushner and Bob Iger, a decision that has sparked significant internal conflict. Jeanie Buss, who has served as the team's Governor since 2013, is opposing her siblings' vote, which was made by five of her six siblings. This vote is part of a broader ownership transition as the Lakers are moving towards a new majority ownership structure.
Jeanie Buss is contesting the sale of the family's remaining stake in the Lakers, citing a 2017 court order that stipulates no sale can occur without the approval of the co-trustees. This legal framework is at the heart of her opposition, as it mandates that actions must be taken to ensure she remains the controlling owner of the franchise. Her siblings, however, believe they have the right to proceed with the sale under a 'tag-along' provision from a previous agreement.
The internal strife among the Buss family members reflects broader tensions regarding the future of the Lakers. Jeanie Buss has expressed a desire to retain some ownership of the team, indicating her willingness to explore options that would allow her to maintain a stake in the franchise. Meanwhile, her siblings are moving forward with the sale, which they argue is in line with their rights as co-trustees of the family trust.
As the Lakers transition to new ownership, the valuation of the franchise has reached historic heights, with Mark Walter agreeing to sell his share at a valuation of $12.5 billion. This significant financial milestone adds another layer of complexity to the ongoing ownership dispute, as the Buss family's decision to sell their stake could reshape the future of the team. The situation remains fluid, with Jeanie Buss determined to assert her authority amidst her siblings' actions.