Jeanie Buss Denies Agreement to Sell Remaining Lakers Stake
Los Angeles Lakers governor Jeanie Buss is moving to block her siblings from selling the family trust’s remaining 17.8% stake in the franchise to a buyer group led by former Walt Disney Co. CEO Bob Iger and investor Josh Kushner, according to a legal letter from her attorney, Adam Streisand.
The Ownership Dispute and Legal Maneuvers
The conflict erupted following an ESPN report citing a family statement that claimed the Buss family had voted to exit its minority holdings in the storied NBA franchise. Streisand countered that narrative by issuing a formal demand letter to attorneys representing Joey and Jesse Buss. According to Streisand’s letter, Jeanie Buss has not agreed to any sale of the team’s shares, labeling any vote supporting the transaction as void.
The family trust represents the six children of the late Jerry Buss, who acquired the franchise in 1979. Under governance terms governing the trust, any transfer of the 17.8% stake requires approval from current co-trustees Jeanie, Janie, and Joey Buss. Streisand’s filing asserts that a valid sale cannot proceed without satisfying minimum ownership requirements designed to safeguard Jeanie Buss’s standing as controlling owner.
The Broader Financial Context and Valuation Pressures
The friction over the family trust unfolds against a backdrop of sweeping structural changes within the Lakers’ cap table. Last week, majority shareholder Mark Walter agreed to sell his controlling interest in the franchise to the Iger and Kushner group at a $12.5 billion valuation, as reported by NBC News. Walter had held his position since October, when he acquired a controlling stake from the Buss family at a $10 billion valuation.
That prior transaction established terms allowing Jeanie Buss to remain governor through 2030.
Regulatory Investigations and Front-Office Fallout
Walter’s rapid exit follows a series of federal and regulatory probes into his broader business network. Insurance entities connected to his financial holdings disclosed receiving grand jury subpoenas from the U.S. Attorney’s Office for the Southern District of New York, alongside a parallel investigation by the U.S. Securities and Exchange Commission. Bloomberg News reported that federal authorities seized Walter’s mobile phone and computer at a Chicago-area airport as part of a wide-ranging financial inquiry.
Internal tensions among the Buss siblings have compounded these external pressures. Following the prior sale to Walter, Joey and Jesse Buss were dismissed from their front-office roles with the team in November. The siblings have experienced recurring boardroom disputes since Jerry Buss’s death in 2013, including a 2017 legal challenge by Jim and Johnny Buss aimed at removing Jeanie from her role as the Lakers’ controlling owner.
Market Outlook and Governance Trajectory
As the legal battle over the 17.8% trust stake progresses, market participants are monitoring whether the co-trustees can resolve their differences without protracted litigation.