Jeanie Buss, the governor of the Los Angeles Lakers, is legally challenging her siblings' attempt to sell the family's remaining stake in the iconic NBA basketball franchise.
Hours after the Buss family released a statement revealing its intention to sell its 17.8% ownership of the team to new owners Bob Iger and Josh Kushner, Jeanie Buss, through her lawyer, sought to halt the potential sale.
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Reports emerged on Monday that the siblings had voted to sell the family trust’s remaining interest in the 17-time NBA champions purchased by their father, Jerry Buss, in 1979.
The decision would end Jeanie Buss’ tenure as the Lakers’ governor, as NBA guidelines require controlling owners or governors to own at least 15% of the team.
In a statement to ESPN, the Buss family, which has been either a primary or minority owner of the Lakers since 1979, said: “We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction.
“We love the Lakers, Laker fans, and will continue to support Los Angeles, but it is time to use this opportunity to move on and exit gracefully while we still can."
At the time, it was not clear that Jeanie Buss was not on board with the sale. In response, her 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.”
In a letter addressed to siblings Jim, Johnny, Janie, Joey, and Jesse Buss, which was obtained by CNBC and ESPN, he argued that a court ruled in 2017 that any sale of the Lakers required approval from the co-trustees, which included Jeanie.
Streisand added: “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 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 her father’s death in 2013 and last year led the family’s decision to sell a controlling stake in the franchise to billionaire businessman Mark Walter at a valuation of $10 billion, then a record for a US professional sports franchise.
The Buss family trust voted to sell to Walter, although there was some internal tension as it was perceived to be a rushed process.
Part of the agreement with Walter provided that Jeanie Buss would remain governor through 2030, but her siblings were terminated from their positions with the organization following the sale.
Walter, who is under federal investigation for tax issues, reached a shock deal last week to sell the Lakers to Kushner and Iger at a valuation of $12.5 billion, just 14 months after he acquired a controlling stake in the team.
The deal still requires approval from the NBA Board of Governors, but should the sale go through, Iger and Kushner will own approximately 83% of the Lakers.
Walter, the CEO and chair of diversified holding company TWG Global, owns Major League Baseball's Los Angeles Dodgers and the WNBA's Los Angeles Sparks. He is under federal investigation for alleged tax fraud involving four of his other business interests.
The 66-year-old and TWG Global also have interests in several other professional sports organizations, including English Premier League soccer club Chelsea and the Professional Women's Hockey League.
Through TWG Motorsports, Walter owns several motor racing teams, including the new Cadillac Formula 1 team that entered the iconic series earlier in 2026.
He is also the CEO of the financial services firm Guggenheim Partners, which is estimated to have more than $325 billion in assets.
