The Buss family wants an ‘exit gracefully.’ Jeanie Buss says no

Los Angeles Lakers governor Jeanie Buss is legally contesting her siblings’ plan to sell the family’s remaining 17.8% minority ownership stake in the team to Josh Kushner and Bob Iger, according to a letter obtained Monday by The Associated Press.

ESPN and The Athletic first reported that the siblings had voted to sell the family trust’s remaining interest in the 17-time NBA champion team purchased by their father, Jerry Buss, in 1979.

The decision would end Jeanie Buss’ tenure as the Lakers’ governor because that job requires at least 15% ownership of the team.

Jeannie Buss’ attorney, Adam Streisand, wrote to representatives for her five siblings to state that any decision to sell the family trust’s ownership stake could not be “effectuated without approval of the current co-trustees, Jeanie, Janie and Joey Buss.” The letter further states that 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.” Jeanie Buss has been the Lakers’ governor since Jerry Buss’ death in 2013, and she led the family’s decision to sell a controlling stake in the Lakers to Dodgers owner Mark Walter last year at a valuation of $10 billion.

Walter, who is under federal investigation for tax issues, abruptly reached a deal earlier this month to flip the Lakers to Kushner and Iger at a valuation of $12.5 billion, another record for a pro sports team.

Venture capitalist Kushner and former Disney CEO Iger are reportedly buying about 65% of the team from Walter.

They would own about 83% if they reach a deal with the Buss siblings — and Jeanie Buss would lose the governor role that she had been slated to keep at least through 2030 under the deal with Walter.

The Buss siblings have been in frequent conflict since their father’s death, with Jeanie firing Jim from his job as the Lakers’ head of basketball operations in 2017, followed a week later by a lawsuit against her brothers amid an attempt by Jim and Johnny to oust Jeanie from her role as the Lakers’ controlling owner.

Not all of the six Buss siblings were in favor of the sale to Walter, and Joey and Jesse were fired from their front-office jobs with the team last November.

The siblings say they voted this month to sell their family’s remaining interest in the Lakers, but Jeanie Buss claims any vote is void.

ESPN reported that Jeanie Buss was the only sibling who didn’t support the final sale.