A dispute within the Buss family has erupted over the future ownership of the Los Angeles Lakers. Jeanie Buss, the team’s current governor, is mounting legal opposition to her siblings’ decision to sell the family’s remaining 17.8% stake in the franchise. The contested sale would be part of a larger transaction in which venture capitalist Josh Kushner and former Disney executive Bob Iger are acquiring majority control of the storied NBA team for $12.5 billion.
The conflict centers on governance rules within the Buss family trust. Jeanie’s legal representative has argued that her approval, along with two other co-trustees, is required for any sale of the family’s ownership interest. Additionally, he contends that maintaining a minimum 15% ownership stake is necessary for Jeanie to retain her position as controlling owner. Her lawyer sent a formal letter to her five siblings asserting that their recent vote to proceed with the sale would be invalid without her consent.
However, Jeanie’s four brothers and one sister have remained resolute in their position. They issued a statement reaffirming their united support for the sale and pledged to advance the transaction through proper procedures. The Buss family has maintained ownership stakes in the Lakers since 1979, when patriarch Jerry Buss purchased the franchise alongside other assets. The proposed deal still requires approval from the NBA’s board of governors and could represent the most expensive sports team sale on record.
Originally reported by Sports.yahoo →
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