Jeanie Buss Rejects Siblings' Attempt to Sell Lakers Stake to Bob Iger and Joshua Kushner

Los Angeles Lakers governor Jeanie Buss is actively opposing a reported move by her siblings to sell their family's stake in the iconic NBA franchise. This internal dispute challenges a recent ESPN report suggesting a deal was struck with potential buyers Bob Iger and Joshua Kushner.

Legal Challenges and Family Divide

In a strongly worded letter obtained by CNBC, Jeanie Buss's lawyer, Adam Streisand, asserts that Buss has not consented to any sale. The letter, addressed to law firms representing her siblings Jim, Johnny, Janie, Joey, and Jesse, states that any vote by the siblings to sell the team would be considered "void." Streisand argues that Jeanie Buss remains the controlling shareholder, citing a 2017 court order, and that her consent is mandatory for any transaction.

"No sale of the JAB Trust's 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss. 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 in order to ensure that Jeanie Buss may remain Controlling Owner," the letter states. "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."

Siblings' United Front

Conversely, the other five Buss siblings issued a joint statement declaring their unified decision to sell the family's remaining stake. "The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives. Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community," the statement read. "We intend to move forward thoughtfully, respectfully and through the appropriate process."

Potential Deal and Jeanie Buss's Stance

The controversy stems from a prior report indicating that Bob Iger, CEO of Disney, and Joshua Kushner, founder of Thrive Capital, had agreed to purchase Mark Walter's majority stake in the Lakers. This deal reportedly valued the team at $12.5 billion, with the Buss family stake representing a significant portion of the overall ownership. However, sources close to Jeanie Buss indicate she wishes to retain her stake for both financial reasons and to maintain her role as governor of the team.

This report was contributed to by CNBC's Jessica Golden.

Correction: A previous headline on this article misidentified one of the potential buyers of the Buss family stake in the Los Angeles Lakers.