Jeanie Buss, the controlling owner and governor of the Los Angeles Lakers, has initiated legal proceedings to prevent her siblings from selling their collective stake in the iconic NBA franchise. The dispute centers on the proposed $12.5 billion sale of the team, with Jeanie Buss challenging a recent vote by five of her six siblings to sell their remaining shares to a group led by Joshua Kushner and Bob Iger. This legal action marks a significant escalation in the ongoing family feud over the legacy and future of the Lakers.
Family Feud Erupts Over Lakers’ Future
The core of the controversy lies in the differing visions among the six children of the late Lakers owner Jerry Buss regarding the future of their inherited stake in the team. While five siblings—Johnny, Jimmy, Janie, Joey, and Jesse—have agreed to sell their combined 17.8% ownership to the Kushner/Iger-backed consortium, Jeanie Buss, who currently serves as the team’s governor, is actively opposing the transaction. She contends that the sale cannot proceed without her explicit consent, citing a 2017 court order that stipulated any sale must be approved by the co-trustees, including herself, Janie, and Joey Buss.
In court documents filed in Los Angeles Superior Court, Jeanie Buss has reportedly described her siblings’ actions as “devious” and stated that she felt “blinded” by their attempt to push through the sale. She has asserted that a family statement released to the media, which indicated a collective decision to sell, was “knowingly false.” According to her legal filings, she was neither consulted nor informed about the proposed sale before the public announcement.
NBA Ownership Rules and Jeanie Buss’s Position
Jeanie Buss’s role as governor of the Lakers is crucial to her legal standing. NBA regulations require a team governor to hold a minimum of a 15% stake in the franchise. If her siblings’ shares are sold to the Kushner and Iger group, Jeanie Buss’s ownership percentage would fall below this threshold, potentially jeopardizing her position as governor. This has led her to argue that her approval is not only a matter of family agreement but also a necessity to maintain the established ownership structure and her leadership role.
Her legal team has emphasized that she is the “Controlling Owner of the Los Angeles Lakers” and has demanded that her siblings cease any actions related to the sale of the 17.8% stake without her agreement. The petition filed by Jeanie Buss seeks multiple court orders, including the surcharge and removal of Joey and Janie Buss as co-trustees for alleged breaches of fiduciary duty, and holding them in contempt of court. It also aims to hold James, Johnny, and Jesse Buss in contempt and liable for aiding and abetting the alleged breach of the 2017 court order, while also seeking to declare the trustee resolution authorizing the sale as void.
The Siblings’ Stance and the Proposed Deal
The opposing siblings, who issued a joint statement, have maintained their unity in the decision to sell. They expressed their love for the Lakers, their fans, and the city of Los Angeles, but stated that “it is time to use this opportunity to move on and exit gracefully.” Their statement to ESPN following Jeanie’s legal challenge reiterated their commitment to the team’s best interests and their intention to proceed with the sale through an “appropriate process.” They highlighted that the Lakers have been a significant privilege and that their focus remains on what they believe is best for the franchise and its supporters.
The proposed transaction involves Mark Walter, who holds a majority stake, agreeing to sell his share to the group led by Joshua Kushner and Bob Iger. This deal, valuing the Lakers at $12.5 billion, represents a significant financial event for the Buss family, who inherited the team from Jerry Buss in 2013. Jeanie Buss has been at the helm of the Lakers’ operations since her father’s passing, navigating the team through various successes and challenges.
Legal Recourse and Future Proceedings
The legal petition filed by Jeanie Buss outlines a clear path to challenge the sale. It specifically targets the validity of the vote by her five siblings and seeks to enforce the terms of the 2017 court order. This order, according to Jeanie’s legal team, is paramount and requires the consensus of the co-trustees for any disposition of the family’s shares.
A court hearing has been scheduled for November 5, where these matters will be addressed. The outcome of this legal battle could have profound implications not only for the Buss family’s financial future but also for the ownership structure and governance of one of the most storied franchises in professional basketball. Jeanie Buss’s determination to maintain control underscores her commitment to the Lakers’ legacy and her belief in her sole authority to guide its future direction.
Conclusion: A Battle for Control
The legal dispute between Jeanie Buss and her siblings over the Los Angeles Lakers represents a complex intersection of family dynamics, business interests, and sports legacy. As the court date approaches, all eyes will be on the Los Angeles Superior Court to see how this high-stakes battle for control of the $12.5 billion franchise will be resolved. Jeanie Buss’s legal action aims to safeguard her position and uphold what she views as the correct interpretation of family agreements and court mandates, setting the stage for a potentially landmark decision in NBA ownership law.
