Lakers Civil War: Jeanie Buss Blocks Family’s Billion-Dollar Sell-Off
Lakers Family Feud: Jeanie Buss Fights to Keep Control of the Team
What’s Happening in Simple Terms
Imagine a family that owns a very famous basketball team—the Los Angeles Lakers. For decades, they’ve worked together. But now, the brothers and sisters are arguing about whether to sell their piece of the team. The sister in charge, Jeanie Buss, says "No way!" Her five siblings say "Yes, let’s sell."
This isn’t just about money. It’s about who gets to run the team.
The Backstory: A Family Legacy
- 1979: Jerry Buss (the dad) bought the Lakers.
- Since then: The family has won 11 NBA championships (most recently in 2020).
- 2,289 wins—the most of any team since 1979.
- Dozens of Hall of Famers played for the Lakers under the Buss family.
When Jerry passed away, his children inherited the team through a family trust (a legal way to share ownership).
The Current Conflict: Step by Step
1. The First Sale (June 2025)
- Mark Walter bought a big chunk of the team.
- The deal valued the Lakers at $12.5 billion.
- Part of that deal included a "tag-along" rule: If Walter sells his shares later, the rest of the family can sell theirs at the same price.
2. Walter Decides to Sell (August 2026)
- Walter agreed to sell his shares to Josh Kushner and Bob Iger (former Disney CEO).
- Same valuation: $12.5 billion.
3. The Siblings Vote to Sell
- Five of the six Buss siblings voted "Yes" to use their tag-along right and sell their 17.8% stake.
- Jeanie Buss did not vote—she abstained.
4. Jeanie Fights Back
- Her lawyer, Adam Streisand, sent a letter saying:
- A 2017 court ruling says no sale can happen without approval from the three co-trustees: Jeanie, Janie, and Joey.
- Selling would drop Jeanie below the 15% minimum ownership needed to stay "Controlling Owner" (the person in charge).
- The siblings would be breaking the law and violating the trust if they proceed.
Why This Matters: The Big Picture
IMPORTANT POINT
If the sale goes through, Jeanie Buss could lose her role as Governor of the Lakers.
- She needs at least 15% ownership to keep that title.
- She had a deal with Mark Walter to stay in charge through 2030.
- Bob Iger said he’d honor that deal—but also said, "If something changes, then it changes."
The Family Trust Drama
What Triggered the Vote?
- Last Monday: Lakers finance VP Joe McCormack called an emergency meeting.
- Topic: Dissolve the family trust and lock all shares for 4 years under a new trust.
- No one mentioned Walter’s upcoming sale at that meeting.
- Family members felt "spooked" and started talking about selling.
- Previous vote (months ago): Only 3 siblings wanted to sell.
- This vote (after Walter’s sale): 5 siblings voted yes. Jeanie said no.
What the Siblings Said
"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."
— Buss Family Statement (5 siblings)
What Jeanie’s Lawyer Demands
- Publicly confirm Jeanie Buss is the Controlling Owner.
- Take no action on the vote to sell the 17.8% stake.
- Honor the 2017 court order requiring co-trustee approval.
Summary
| Key Fact | Details |
|---|---|
| Team | Los Angeles Lakers |
| Current Governor | Jeanie Buss |
| Family Ownership Since | 1979 |
| Championships Under Family | 11 |
| Stake Up for Sale | 17.8% (remaining family trust shares) |
| Buyers | Josh Kushner & Bob Iger |
| Valuation | $12.5 billion |
| Legal Block | 2017 court ruling requires 3 co-trustees to approve |
| Risk to Jeanie | Could lose Controlling Owner status if ownership drops below 15% |
FAQ
What is a "tag-along" right?
A: It’s a rule that lets minority owners sell their shares on the same terms if a majority owner sells theirs. Think of it like: "If you get a good deal, I get that same deal too."
What does "Controlling Owner" mean?
A: The person who runs the team day-to-day and represents it at NBA meetings. The NBA requires this person to own at least 15% of the team.
Why does the 2017 court ruling matter?
A: A judge already decided that three specific siblings (Jeanie, Janie, Joey) must all agree before any trust shares are sold. Jeanie’s lawyer says the current vote ignores that ruling.
Who are Josh Kushner and Bob Iger?
A:
- Josh Kushner: Investor, brother of Jared Kushner, co-founder of Thrive Capital.
- Bob Iger: Former CEO of Disney (2005–2020, 2022–2023), media legend.
What happens next?
A: It’s likely headed to court. Jeanie’s legal team will ask a judge to block the sale based on the 2017 ruling. The siblings may argue the tag-along right overrides it. A judge will decide.
Final Thought
This is more than a business deal—it’s a family fight over a legacy. The Lakers aren’t just a team; they’re a piece of Los Angeles history. And right now, the people who built that history can’t agree on what comes next.
Stay tuned. This story isn’t over.