Jeanie Buss, the controlling owner of the Los Angeles Lakers, seems to be in a heated battle with her family.
A week ago, Mark Walter agreed to sell the Lakers to Josh Kushner and Bob Iger for approximately $12.5 billion. It was then reported Monday that the Buss family would sell their 17.8% stake in the Lakers despite Jeanie’s unwillingness to part ways with the historic franchise.
“The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives. Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community,” the Buss family said in a statement. “Johnny, Jimmy, Janie, Joey and Jesse have made the decision to sell the family’s remaining stake, and we remain united in that decision. We intend to move forward thoughtfully, respectfully and through the appropriate process. We have tremendous respect for Bob Iger and Josh Kushner and believe they understand what the Lakers represent to Los Angeles and our incredibly loyal fan base. We are confident they will honor everything this franchise stands for while building upon the foundation our father created.”
According to Jeanie’s legal team, however, they can’t legally sell their stake without her approval.
“No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss,” her lawyer, Adam Streisand, said. “Pursuant to the JAB Trust and the attached Court Order, the co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner. Any attempt by the co-trustees to do otherwise, and any attempt to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court. On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers and that your clients shall take no action on this supposed ‘vote’ to sell the 17.8% stake.”
Jeanie Buss’ lawyer called out ESPN.
ESPN insider Shams Charania previously reported that the Buss family voted in favor of selling their stake in the Lakers. It didn’t take long before Jeanie’s legal team fired back.
“As you know, this afternoon, Shams Charania of ESPN falsely reported that the six Buss siblings voted to sell the 17.8% ownership stake in the Lakers to Josh Kushner and Bob Iger, and that my client, Jeanie Buss, is ‘out’ as controlling owner,” the statement read. “This is just the latest instance of a years-long pattern whereby Joey and Jesse Buss leak false, defamatory and pernicious ‘information’ to Mr. Charania for the malicious purpose of doing harm to the Los Angeles Lakers so long as Dr. Buss’s chosen successor, Jeanie Buss, carries out her father’s wishes.”
Charania later replied, “The first line of the statement from the lawyer said that I reported that the six Buss siblings voted to sell. That key sentence right there is inaccurate.”
All we know is that Jeanie Buss isn’t interested in backing down from her siblings.
