Key Takeaways:
- The Buss family is now openly divided over the Lakers Stake Sale
- Jeanie Buss’ position as Lakers governor could be at stake.
- The dispute could mark the end of the Buss family’s direct ownership of the Lakers.
The ownership battle surrounding the Los Angeles Lakers has intensified after five of Jerry Buss’ six children reaffirmed their decision to sell the family’s remaining 17.8% stake in the franchise, despite opposition from their sister, Lakers governor Jeanie Buss.
Jimmy, Johnny, Janie, Joey and Jesse Buss said they remain united behind the decision to sell the remaining Buss Family Trust shares to the group led by Bob Iger and Josh Kushner. The siblings said they intend to proceed with the transaction through what they described as an appropriate and respectful process, while emphasizing their commitment to the Lakers, their fans and the Los Angeles community.
The statement followed a 5-1 family vote in favor of selling the lakers stake sale, with Jeanie Buss casting the only vote against the proposal. Her opposition has created a major dispute over whether the other siblings have the authority to complete the transaction without her approval.
The proposed sale is part of a larger ownership transition involving Iger and Kushner, who are in the process of acquiring control of the Lakers from Mark Walter. If the Buss family stake is also transferred, the new ownership group would hold roughly 83% of the franchise.
Jeanie buss disputes the sale
Jeanie Buss has challenged the decision through her legal team, arguing that the sale cannot proceed under the circumstances outlined by her siblings.
Her attorney has pointed to a 2017 court order involving the Buss Family Trust, arguing that Jeanie, Janie and Joey Buss serve as co-trustees and that the trust’s remaining Lakers shares cannot be sold without the necessary approval. The legal position also maintains that Jeanie was granted continuing control of the franchise under the earlier court arrangement.
The dispute carries significant consequences for Jeanie’s future with the Lakers. The team’s governor is required to maintain at least a 15% ownership interest under NBA rules. Since the remaining lakers stake sale represents 17.8%, selling the entire interest would leave Jeanie without the ownership position currently connected to her role as governor.
Jeanie’s representatives have therefore argued that the reported family vote does not give the other siblings sufficient authority to complete the transaction. They have also disputed reports suggesting that Jeanie’s tenure as controlling owner has already been decided.
The disagreement has added uncertainty to an ownership transaction that was already expected to reshape the Lakers. Iger and Kushner have agreed to acquire the controlling interest at a reported $12.5 billion valuation, a record figure for a professional sports franchise. The transaction still requires approval from the NBA’s Board of Governors.
End of a nearly five-decade family connection?
The dispute marks a major turning point for the Buss family, which has been associated with the Lakers since Jerry Buss purchased the franchise in 1979.
Under Jerry Buss, the Lakers became one of the most successful and recognizable teams in professional sports. After he died in 2013, ownership passed to his six children through the family trust, with Jeanie eventually becoming the team’s controlling governor.
Relations among the siblings have been strained for years. Jeanie’s decision to remove Jim Buss from his basketball operations role in 2017 triggered a major family dispute and legal proceedings over control of the franchise. More recently, Joey and Jesse Buss lost their positions with the organization following the ownership transition involving Walter.
The latest disagreement could bring the family’s direct ownership of the Lakers to an end. While the five siblings remain committed to selling their lakers stake sale, Jeanie Buss continues to challenge the decision on legal and governance grounds.
For now, the proposed transaction remains unresolved. Its outcome could determine not only who owns the Lakers but also whether Jeanie Buss continues in the leadership role she has held since 2013.
