Jeanie Buss challenges siblings' plan to sell minority Lakers stake

Los Angeles Lakers governor Jeanie Buss is taking legal action to block her siblings' plan to sell the family's remaining 17.8% minority stake in the NBA team. The proposed sale is to investors Josh Kushner and Bob Iger, according to a letter obtained by The Associated Press.

ESPN and The Athletic first reported that the siblings had voted to sell the remaining share held by the family trust, which was originally purchased by their father, Jerry Buss, in 1979. This decision poses a direct threat to Jeanie Buss's position as governor, as the role requires holding at least 15% ownership of the team.

Jeanie Buss's attorney, Adam Streisand, informed her five siblings' representatives that any sale of the trust's ownership stake requires the approval of all co-trustees, including Jeanie, Janie, and Joey Buss. The letter asserts that the co-trustees are obligated to vote the Lakers' shares to maintain Jeanie Buss's controlling ownership.

Any attempt to proceed with the sale without this approval would constitute a breach of trust, fiduciary duty, and contempt of court, according to the letter. Jeanie Buss has served as the Lakers' governor since her father's death in 2013. She previously led the family's decision to sell a controlling stake to Dodgers owner Mark Walter for $10 billion last year.

Walter, however, recently agreed to sell the Lakers to Kushner and Iger for $12.5 billion, a record valuation for a sports franchise. Kushner and Iger reportedly acquired about 65% of the team from Walter and would own nearly 83% if the deal with the Buss siblings is finalized. This would result in Jeanie Buss losing her governorship, a role she was expected to hold until at least 2030 under the agreement with Walter.

The Buss siblings have experienced frequent conflicts since their father's passing. Notably, Jeanie Buss fired her brother Jim from his executive role in 2017, and a lawsuit followed when Jim and Johnny attempted to remove her as controlling owner. Not all six siblings supported the sale to Walter, and Joey and Jesse were dismissed from their team positions last November.