Lakers Governor Jeanie Buss Says Family Share Sale Invalid Without Her Consent
Jeanie Buss, controlling owner of the Los Angeles Lakers, has opposed a proposed sale of her family's stake in the team to Bob Iger and Joshua Kushner, stating that any sale without her consent is invalid. Her lawyer cited a 2017 court order and trust terms requiring co-trustees to maintain her 15% ownership threshold. The JAB Trust holds 17.8% of the team. The dispute follows Iger and Kushner's agreement to buy Mark Walter's majority stake at a $12.5 billion valuation. Buss intends to retain the family shares to preserve value and her role.
Los Angeles Lakers controlling owner Jeanie Buss opposes the sale of her family's stake in the team to Bob Iger and Joshua Kushner. Her lawyer Adam Streisand said in a letter to the law firm representing her siblings (Jim, Johnny, Jeanie, Joey and Jesse) that Jeanie Buss has not consented to the sale, and any vote indicating the Buss family's sale of the team "would be and already is invalid." The letter noted that under a 2017 court order, Jeanie Buss remains the controlling shareholder of the Lakers, and no sale may occur without her consent.
Streisand emphasized in the letter that the 17.8% stake in the Lakers held by the JAB Trust cannot be sold without approval from the current co-trustees (Jeanie, Jeanie and Joey Buss). Under the trust terms and court order, the co-trustees must vote to ensure Jeanie Buss maintains at least a 15% ownership requirement to retain her controlling owner status. Any attempt to violate that obligation, or to assist in such conduct, constitutes a breach of fiduciary duty and contempt of court.
Last week, Iger and Kushner agreed to buy the majority stake in the Lakers held by Mark Walter, valuing the team at $12.5 billion. According to people familiar with the matter, Jeanie Buss is currently unwilling to sell the family's stake, as she wants to retain the shares to preserve value and continue serving as the team's controlling owner.