Los Angeles Lakers governor Jeanie Buss is legally contesting a plan by her siblings to sell a minority ownership stake in the team, according to a letter obtained by The Associated Press. The disagreement involves the family’s remaining 17.8% interest in the NBA franchise.
This development follows an agreement by some members of the Buss family to sell that minority stake to investors Josh Kushner and Bob Iger. Following the 2013 death of longtime owner Jerry Buss, the team’s ownership was structured among his children, with Jeanie Buss eventually assuming the role of governor and controlling owner.
The specific details of the legal challenge were not expanded upon in the reporting, but it highlights an internal dispute over the future composition of the team’s ownership group. Kushner, a venture capitalist, and Iger, the CEO of Disney, were the intended buyers for the minority portion held by Jeanie's siblings.
For Lakers fans and the 500-plus employees of the organization, the primary concern remains whether internal family litigation will impact the team’s spending power or day-to-day management. At a team valuation estimated in the billions of dollars, a 17.8% stake represents hundreds of millions of dollars in capital. If the sale is blocked or delayed, it would prevent the liquid distribution of these funds to the siblings and stop the entry of new minority partners who may have different perspectives on team investments or marketing.
The outcome of this contest will set a precedent for how the Buss family trust operates and whether individual siblings can exit the family business against the will of the governor. The next steps involve the formal legal proceedings initiated by Jeanie Buss to block the transaction. Court dates and specific filing deadlines for the challenge were not reported.