A significant dispute has erupted within the Buss family over the proposed sale of their remaining stake in the Los Angeles Lakers, casting a shadow over a record-breaking $12.5 billion valuation of the NBA franchise. While a majority of the family members voted to sell their 17.8 percent share to the new ownership group led by Bob Iger and Joshua Kushner, controlling owner Jeanie Buss has vehemently opposed the move, initiating legal action to halt the transaction.

Family Trust Divided Over Lakers Stake Sale

The controversy centers on the Buss family trust, which holds the remaining 17.8 percent ownership of the Lakers. Following the team’s acquisition by Mark Walter for $10 billion in 2024, the Buss siblings had agreed to sell their collective stake to the incoming ownership group, which includes media executive Bob Iger and investor Joshua Kushner. This sale, as part of the larger transaction, would value the iconic basketball franchise at an unprecedented $12.5 billion.

An announcement on Monday indicated that a vote within the trust, comprising siblings Jeanie, Jim, Johnny, Janie, Joey, and Jesse, had garnered the necessary majority. Reports from ESPN’s Ramona Shelburne revealed that five of the six siblings, excluding Jeanie, voted in favor of selling the family’s stake to Iger and Kushner.

Jeanie Buss’s Legal Challenge

However, late on Monday, a dramatic turn of events unfolded when a letter from Jeanie Buss’s attorney, Adam Streisand, was released. The letter asserted that Jeanie Buss did not consent to the sale and declared any vote taken to be “void ab initio” – invalid from the beginning. Streisand simultaneously filed legal documents with the Superior Court of Los Angeles Central District to formally block the sale.

The core of Jeanie Buss’s legal argument, as outlined by her lawyer, is that the sale of the trust’s stake requires the unanimous approval of all three co-trustees: Jeanie Buss, Janie Buss, and Joey Buss. The letter emphasized 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.”

Furthermore, Streisand’s letter invoked the terms of the JAB Trust and a prior court order, stating that the co-trustees are obligated to vote the Lakers shares in a manner that ensures Jeanie Buss maintains at least a 15 percent ownership stake. This threshold is critical for her to retain her position as the Controlling Owner of the team.

“Any attempt by the co-trustees to do otherwise, and any attempt to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court,” the letter warned, underscoring the seriousness of the legal challenge.

Controlling Ownership and Trust Obligations

Jeanie Buss has held the position of Controlling Owner and Governor of the Lakers since the passing of her father, Dr. Jerry Buss, in 2013. This role has continued even under previous ownership, including Mark Walter’s tenure. To maintain this crucial position, she must retain a minimum of 15 percent ownership in the team.

An agreement was reportedly established when Mark Walter acquired the team in 2024, stipulating that Jeanie Buss would continue as the team’s Governor until 2030. Bob Iger had previously indicated an intention to honor this arrangement.

However, Jeanie Buss’s legal team argues that the trust’s governing documents and a 2017 court ruling mandate that the co-trustees must actively work to ensure her annual election as Controlling Owner throughout her lifetime. This interpretation directly conflicts with the siblings’ vote to sell their collective stake.

Allegations of Malicious Intent

The legal complaint also touches upon alleged patterns of behavior within the family. Streisand’s letter accused Joey and Jesse Buss of engaging in a “years-long pattern” of leaking “false, defamatory and pernicious ‘information'” with the “malicious purpose of doing harm to the Los Angeles Lakers.” This alleged behavior is framed as an attempt to undermine Jeanie Buss, whom Dr. Jerry Buss designated as his successor.

The Broader Transaction and Future Approval

The sale of the Buss family’s stake is part of a larger transaction where Iger and Kushner are acquiring approximately 65 percent of the Lakers from Mark Walter. If the Buss family’s shares are successfully sold, Iger and Kushner would collectively own about 83 percent of the franchise.

Joshua Kushner, who currently holds a minority stake in the Miami Heat, will need to divest that ownership before the Lakers deal can be finalized. Additionally, the proposed sale requires approval from the NBA’s Board of Governors, which is scheduled to convene in New York on September 15 and 16.

The statement released by the five voting Buss siblings expressed a desire to “move on and exit gracefully.” They stated, “We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”

Conclusion: Legal Battle Ahead

The legal challenge initiated by Jeanie Buss has thrown the highly anticipated sale of the Lakers into disarray. Her assertion that the sale requires unanimous co-trustee approval and her legal efforts to maintain her controlling ownership position set the stage for a significant legal battle. The outcome will not only determine the future ownership structure of one of the NBA’s most storied franchises but also highlight the complex dynamics within the Buss family trust.