Jeanie Buss is moving to block a potential sale of the Los Angeles Lakers following an agreement reached by her siblings. The team’s controlling owner since her father Jerry Buss passed away in 2013 is challenging a plan to sell the family’s remaining 18% ownership stake to former Disney Chief Executive Bob Iger and investor Josh Kushner. Multiple media outlets reported the development Monday, citing the long-standing tension within the Buss family over team management.
According to court documents and legal representatives, Buss maintains she holds the authority to approve any Lakers sale. A 2017 legal ruling established that ownership transfers require consent from co-trustees, a group that includes Buss herself. Her attorney has reportedly notified her five siblings that the proposed transaction cannot proceed without her approval, despite their vote in favor of the deal.
Iger and Kushner announced their bid to purchase the franchise from current owner Mark Walter on August 12 for $12.5 billion. Walter had acquired the Lakers from the Buss family just over a year prior for $10 billion. The new offer represents a significant premium but now faces legal complications as Buss seeks to exercise her contractual rights over the franchise’s future.
Originally reported by Variety →
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