Jeanie Buss Fights to Keep Lakers Stake: A Family Feud Over NBA Ownership

What’s Happening in Simple Terms

Imagine a family that owns a very famous basketball team—the Los Angeles Lakers. The family has a trust (like a special savings account) that holds 17.8% of the team. For years, Jeanie Buss has been the "governor" (the person in charge of the team’s decisions).

Recently, five of Jeanie’s siblings said they want to sell the family’s share to Bob Iger (former Disney CEO) and Joshua Kushner (investor). But Jeanie says "No way!" She sent a legal letter saying the sale cannot happen without her permission because of a 2017 court order.

The Key Players

The Legal Battle Explained Like You’re 5

The Trust Rules (The "Rulebook")

1. The JAB Trust owns 17.8% of the Lakers.
2. Three people are co-trustees (managers of the trust): Jeanie, Janie, and Joey.
3. A 2017 court order says the co-trustees must vote to keep at least 15% ownership so Jeanie can stay the Controlling Owner.
4. No sale of the trust’s shares can happen unless all co-trustees agree.

What Jeanie’s Lawyer Says

Any attempt to sell without Jeanie, Janie, and Joey’s approval is:

• A breach of trust (breaking the rules)
• A breach of fiduciary duty (not acting in the trust’s best interest)
• Contempt of court (ignoring a judge’s order)

What the Siblings Say

"We made the decision to sell the family’s remaining stake and remain united in that decision. We intend to move forward thoughtfully, respectfully and through the appropriate process."

The Bigger Deal: Iger & Kushner Buying the Majority

Last week, Bob Iger and Joshua Kushner agreed to buy Mark Walter’s majority stake (the biggest piece of the team).

• Deal value: $12.5 billion (what the whole team is worth).
• If the Buss family also sold their 17.8%, Iger & Kushner would own ~83% of the Lakers.

Why Jeanie Doesn’t Want to Sell (Right Now)

According to a source close to Jeanie:

• Value reasons: She thinks the stake will be worth more later.
• Governor role: She wants to keep her position as the team’s leader.

Important Points to Remember

• Jeanie Buss is the Controlling Owner because of a 2017 court order.
• The JAB Trust owns 17.8% of the Lakers.
• Three co-trustees (Jeanie, Janie, Joey) must agree to any sale.
• Selling would drop ownership below 15%, risking Jeanie’s control.
• The siblings’ vote to sell is "void" without co-trustee approval.
• Iger & Kushner already bought the majority stake from Mark Walter ($12.5B valuation).

Summary

Jeanie Buss is blocking her siblings’ attempt to sell the family’s 17.8% stake in the Los Angeles Lakers. A 2017 court order makes her the Controlling Owner and requires the trust to keep at least 15% ownership. Since Jeanie (and her sisters Janie and Joey) are co-trustees, no sale can happen without their consent. Meanwhile, Bob Iger and Joshua Kushner just bought the majority stake from Mark Walter, valuing the team at $12.5 billion. Jeanie wants to hold onto the stake for financial gain and to keep her governor role. The fight is now legal—and it’s all about who controls one of the most iconic teams in sports.

FAQ

1. What is the JAB Trust?

It’s a legal entity (like a family savings pot) that holds the Buss family’s 17.8% ownership of the Lakers. It has rules set by a court.

2. Who are the co-trustees?

Jeanie Buss, Janie Buss, and Joey Buss. They are the only ones who can vote on selling the trust’s shares.

3. Why does the trust need to keep 15% ownership?

The 2017 court order says Jeanie can only stay Controlling Owner (the boss) if the trust holds at least 15%. Selling would drop it below that.

4. Can the siblings sell without Jeanie?

No. Jeanie’s lawyer says any sale without all three co-trustees’ approval is void, a breach of trust, and contempt of court.

5. What happens next?

Likely a court battle. The siblings say they’ll use "the appropriate process," but Jeanie has the legal upper hand thanks to the 2017 order.