Minority proprietor Jeanie Buss of the Los Angeles Lakers and her husband, Jay Mohr, prior a primary spherical NBA playoffs recreation between the Lakers and the Minnesota Timberwolves at Crypto.com Area in Los Angeles, April 19, 2025.
Keith Birmingham | MediaNews Group | Pasadena Star-Information | Getty Pictures
Los Angeles Lakers governor Jeanie Buss is opposing the potential sale of her household’s stake within the NBA staff to Bob Iger and Joshua Kushner, contradicting an earlier ESPN report concerning the household’s choice.
In a letter obtained by CNBC addressed to legislation corporations representing Jeanie Buss’s siblings — Jim, Johnny, Janie, Joey and Jesse — her lawyer Adam Streisand says Jeanie Buss has not agreed to promote the staff and that any vote suggesting the Buss household is promoting “could be and is void.”
Streisand argues within the letter that Jeanie Buss stays the controlling shareholder of the Lakers, pursuant to a 2017 court docket order, and that no sale can happen with out her consent.
“No sale of the JAB Belief’s 17.8% possession curiosity within the Los Angeles Lakers, Inc. may be effectuated with out approval by the present co-trustees, i.e., Jeanie, Janie and Joey Buss. Pursuant to the JAB Belief and the hooked up Courtroom Order, the co-trustees are sure to vote the Los Angeles Lakers, Inc. shares to make sure that the minimal 15% possession requirement is maintained so as to be certain that Jeanie Buss could stay Controlling Proprietor,” Streisand says within the letter.
“Any try by the co-trustees to do in any other case, and any try to assist or abet the co-trustees as such, would represent a breach of belief, breach of fiduciary responsibility and be in contempt of court docket,” he says.
Final week, Iger and Kushner agreed to purchase Mark Walter’s majority stake within the Lakers. That deal valued the staff at $12.5 billion, CNBC reported on the time. The Buss household stake would have meant an total staff possession share of roughly 83% for the previous Disney CEO and Thrive Capital founder, ESPN reported.
However Jeanie Buss would not need to promote the household’s stake within the staff presently, in accordance with an individual acquainted with the matter, who spoke on the situation of anonymity about confidential issues. She desires to carry onto the staff stake for worth causes in addition to to keep up her position as governor, the particular person stated.
Learn the full letter from Jeanie Buss’s legal professional:
This story is growing. Please verify again for updates.
Correction: A earlier headline on this text misidentified one of many potential patrons of the Buss household stake within the Los Angeles Lakers.
