The Los Angeles Lakers, a franchise steeped in history and glamour, finds itself at the center of a family feud. Jeanie Buss, the team’s governor, is challenging her siblings’ recent decision to sell their remaining 17.8% stake in the team to Bob Iger and Joshua Kushner. This move, which values the team at a record $12.5 billion, has sparked a legal and familial dispute that could reshape the future of one of the NBA’s most iconic franchises.
The Buss family has been a cornerstone of the Lakers organization since 1979 when Jerry Buss purchased the franchise. Under his leadership, the Lakers became a global powerhouse, winning 10 championships and establishing a legacy of excellence. However, the family’s unity has been tested in recent years, culminating in the current ownership battle.
The Legal Battle Over Lakers Ownership
Jeanie Buss, through her attorney, has asserted that any votes to sell the family’s stake are void without her approval. According to a letter sent to her siblings’ attorneys, the sale cannot proceed without the consent of all trustees, which includes Jeanie and her younger siblings, Janie and Joey. The letter cites a 2017 court ruling that outlines Jeanie’s role as the controlling owner and requires a minimum 15% ownership stake to maintain her position.
The Buss family’s decision to sell their shares follows a family vote, with four of the six siblings approving the sale. However, Jeanie Buss’s legal team argues that the sale would breach trust and fiduciary duty, potentially leading to contempt of court. The trust was revised in 2017 after a series of legal battles between Jeanie and her older brothers, Johnny and Jim, to ensure her continued involvement in the team’s governance.
The New Ownership Landscape
The proposed sale to Bob Iger, the former Disney CEO, and Joshua Kushner, a venture capitalist, marks a significant shift in the Lakers’ ownership structure. Iger and Kushner agreed to buy Mark Walter’s controlling stake in the team, which was valued at $10 billion when Walter acquired it last year. The total valuation of $12.5 billion includes the Buss family’s remaining stake, making it the largest sum paid for any professional sports franchise.
If the sale is approved by the NBA board of governors, Jeanie Buss would no longer be eligible to serve on the board, as governors are required to own at least a 15% stake. The new ownership group has expressed respect for the Buss family’s legacy and intends to honor the governorship agreement between Walter and Jeanie Buss. However, the outcome of the legal dispute remains uncertain.
The Buss Family Legacy and Future of the Lakers
The Buss family’s stewardship of the Lakers has been marked by both success and controversy. Under Jerry Buss’s leadership, the team became synonymous with Hollywood glamour and basketball excellence. However, the family has faced internal strife and legal battles in recent years, culminating in the current ownership dispute.
The sale of the Buss family’s stake would end their nearly half-century stewardship of the franchise. While the family has expressed gratitude for the opportunity to lead the Lakers, the decision to sell has sparked a legal and familial dispute that could reshape the future of the team. The outcome of this battle will have significant implications for the Lakers’ governance, financial stability, and long-term success.
As the legal battle unfolds, the Lakers remain a symbol of excellence and a cornerstone of the NBA. The team’s future will be shaped by the outcome of the ownership dispute, as well as the strategic vision of the new ownership group. Fans and stakeholders alike will be watching closely to see how this chapter in the Lakers’ history unfolds.
