Whether the Buss family will sell its remaining stake in the Lakers evolved from a family dispute into a court case a while ago.
This week came the next step when the five Buss children who want to sell — Jimmy, Johnny, Janie, Joey and Jesse — formally filed their opposition to Jeanie Buss’ claim that they do not have the right to do so without her sign-off. The five siblings had previously voted to fold the sale of their shares of the Lakers into the larger sale of the team from Mark Walter to the group led by billionaire Joshua Kushner and including former Disney executive Bob Iger, at a record $12 billion valuation. Jeanie wants to retain the family shares and partial ownership of the team, and she would likely retain some role in the organization.
The attorneys representing the five Buss siblings released this statement:
“Jimmy, Johnny, Janie, Joey and Jesse Buss, the five of six siblings who voted to sell the Trust’s shares in the Lakers, today filed their formal opposition, demonstrating that Jeanie Buss’s petition is legally and factually baseless. While discussions among the siblings continue, their focus remains on facilitating the proposed transaction and the Trust’s participation in it, while ensuring that all beneficiaries, including Jeanie, are treated equally. Today’s filing is a necessary step to protect those interests and ensure the transaction proceeds on schedule.”
The Buss family still owns 17.8% of the Lakers through a trust tied to all six siblings (they own this as a group, not each owning nearly 3%, so either they all sell or none of them). Five of the siblings voted to exercise a tag-along clause and join Walter’s sale of the franchise, fully ending the Buss family ownership of the team, which their father Jerry purchased in 1979.
Jeanie Buss, through her attorney Adam Streisand, previously had filed a petition in Los Angeles Superior Court asking a judge to block the vote and the sale of the remaining Buss family shares. Jeanie has challenged the validity of the vote based on her (and her attorney’s) interpretation of both the trust and previous lawsuits. The five siblings believe they need only four votes and two-thirds of the co-trustees to force the sale, which they have (Jeanie is the only trustee opposed).
Just after the announcement that the team would be sold, Iger said Jeanie could continue as the team Governor — the official intermediary between the franchise and the NBA — but that has reportedly shifted. Kushner will be the governor, and when someone pays $12 billion for something, they generally want to take a leadership role.
A hearing is on the books for Dec. 8
This will not impact the sale of the team, which will go through — if approved by the Board of Governors — whether the Buss family shares are part of it or not.
