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Jeanie Buss contesting family's sale of stake in Lakers
ABC7 Los Angeles • • general
Key Points:
- Los Angeles Lakers governor Jeanie Buss is challenging her siblings' vote to sell the family's remaining 17.8% share of the Lakers to Josh Kushner and Bob Iger, citing a 2017 court ruling requiring co-trustee approval for any sale.
- The Buss family voted to sell their shares at a $12.5 billion valuation, based on a tag-along provision linked to a prior sale to Mark Walter, but Jeanie Buss did not participate in the vote and opposes the sale.
- If the sale proceeds, Jeanie Buss risks losing the controlling ownership stake that allows her to remain Lakers governor, despite Bob Iger's stated intent to honor her agreement to control the franchise through 2030.
- The vote to sell was influenced by recent developments, including a federal investigation into Mark Walter for alleged tax fraud, and was prompted by an emergency family meeting to dissolve the family trust and secure shares under a new trust.
- The Buss family has owned the Lakers since 1979, during which time the team won 11 NBA championships and became one of the most successful franchises in NBA history.
