Buss Family Feud Over Lakers Stake Valued at $12.5 Billion
Five of Jerry Buss's six adult children want to sell the family's remaining Los Angeles Lakers stake, valued at $12.5 billion in a recent deal, but sister Jeanie Buss opposes the sale, arguing they lack legal authority to relinquish ownership. A family trust provision known as the "last standing" clause incentivizes selling before death, while Jeanie's role as team governor requires her siblings' votes to keep her holding above the 15% minimum.
Following Jerry Buss's death, the estate structure was designed to keep the Los Angeles Lakers within the family, but certain safeguards have strained sibling relations. Five of Buss's six adult children wish to sell the family's remaining stake in the team, valued at $12.5 billion in a recent transaction. Their sister, Jeanie Buss, contends the siblings lack legal authority to relinquish ownership and opposes the sale, as it would cost her the position of team governor.
The family trust includes a "last standing" provision, which transfers a deceased sibling's equity to surviving siblings rather than their children, thereby incentivizing siblings to sell during their lifetimes. The clause was described by sister Janie Buss in 2017. Jerry Buss divided the family's controlling interest in the Lakers equally among his six children, granting each one vote, but designated Jeanie to succeed him as team governor. According to a letter from Jeanie's attorney, the trust requires two of her siblings and co-trustees, Janie and Joey, to vote in a manner that keeps her holding above the 15% minimum required for a governor. The relevant lawyers did not respond to requests for comment.