Los Angeles Lakers governor Jeanie Buss is actively opposing the sale of her family’s stake in the NBA team, defying earlier reports of an agreement with Bob Iger and Joshua Kushner. Her legal team has issued a letter stating that any vote to sell is invalid as she has not consented and remains the controlling shareholder, citing a 2017 court order.
This move signals a potential significant roadblock for Iger and Kushner, who had reportedly agreed to acquire Mark Walter’s majority stake, valuing the Lakers at $12.5 billion. Buss intends to retain the family’s ownership for value and to maintain her governance role.
Jeanie Buss Vetoes Lakers Stake Sale to Iger and Kushner, Citing Control
By Alex Sherman, CNBC
Key Points
Jeanie Buss is opposing the potential sale of her family's stake in the Los Angeles Lakers.
Her lawyer states any vote to sell is "void" as she has not consented and remains controlling shareholder.
The move counters reports that the Buss family had agreed to sell to Bob Iger and Joshua Kushner.
Jeanie Buss, governor of the Los Angeles Lakers. (Photo Credit: Getty Images)
Los Angeles Lakers governor Jeanie Buss has officially opposed the potential sale of her family's ownership stake in the NBA franchise, directly contradicting earlier reports that the Buss family had agreed to sell to media mogul Bob Iger and venture capitalist Joshua Kushner. Buss's legal team has issued a letter asserting her refusal to sell and declaring any attempted sale void.
In a letter obtained by CNBC and addressed to law firms representing her siblings—Jim, Johnny, Janie, Joey, and Jesse—Jeanie Buss's lawyer, Adam Streisand, stated unequivocally that Buss has not agreed to the sale. The letter further argues that any vote by the Buss family to sell their stake would be "void" because Jeanie Buss, as the controlling shareholder, has not given her consent.
Streisand's legal correspondence emphasizes that under a 2017 court order and the JAB Trust, Jeanie Buss retains controlling ownership and that no sale can proceed without her approval. The letter states that the co-trustees of the JAB Trust, which holds a 17.8% stake in the Lakers, are bound to vote the shares to maintain Jeanie Buss's position as Controlling Owner. Any action taken by the co-trustees to the contrary would be considered a breach of trust, fiduciary duty, and contempt of court.
This development follows a report by ESPN indicating that the Buss family had decided to sell its stake to Iger and Kushner. Last week, Iger and Kushner reportedly agreed to purchase Mark Walter's majority stake in the Lakers, a deal that valued the team at $12.5 billion. The combined stake would have given Iger and Kushner significant control over the iconic NBA team.
However, a person familiar with the matter, speaking on condition of anonymity, confirmed to CNBC that Jeanie Buss intends to hold onto the family's stake. Her reasons reportedly include both long-term value appreciation and the desire to maintain her role as the Lakers' governor. The situation remains fluid, with further developments anticipated.
This story is developing. Please check back for updates.
Correction: A previous headline on this article misidentified one of the potential buyers of the Buss family stake in the Los Angeles Lakers.
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