Jeanie Buss, minority owner of the Los Angeles Lakers, is opposing the potential sale of her family’s stake in the team, countering a recent report suggesting the Buss family’s decision to sell to investors Bob Iger and Joshua Kushner. Her attorney, Adam Streisand, outlined in a letter addressed to the law firms representing her siblings that Jeanie Buss has not consented to any sale and that any voting effort toward this action would be invalid.
Streisand emphasized that Jeanie Buss, as the controlling shareholder of the Lakers under a 2017 court order, retains the authority to block any sale without her approval. He cited the JAB Trust, which holds the family’s 17.8% stake in the team, specifying that the co-trustees, including Jeanie along with her siblings Janie and Joey Buss, must maintain a minimum ownership interest to preserve her status as the team’s controlling owner.
Recently, Iger and Kushner were reported to be close to acquiring the majority stake held by Mark Walter, with the potential deal valuing the Lakers at $12.5 billion. If finalized, this sale could have provided Iger and Kushner with an overall ownership share of approximately 83%. However, Jeanie Buss intends to retain the family’s share due to both its perceived value and her desire to maintain her governance role within the organization.
This situation remains fluid, with updates expected as developments occur.
- Why this story matters: The outcome may shape the future ownership structure of one of the NBA’s most famous franchises.
- Key takeaway: Jeanie Buss asserts her control over the Lakers and opposes any sale of her family’s stake.
- Opposing viewpoint: Potential buyers may argue for the benefits of selling to capitalize on the franchise’s market value.
