Lakers Family Feud! Jeanie Buss Battles to Retain Control Amidst Shock Sell-Off Bid

Los Angeles Lakers governor Jeanie Buss is vehemently contesting her siblings' recent vote to sell the family's remaining 17.8% share of the Lakers to Josh Kushner and Bob Iger. This move, which values the franchise at $12.5 billion, mirrors the valuation Mark Walter agreed to last week for his shares.

The siblings who voted in favor of the sale believe they have the right to proceed based on a tag-along provision included in the previous sale to Walter in June 2025. This provision, according to sources, granted the family rights to participate in any sale and valuation Walter secured for his shares. The family released a statement confirming their decision to sell, citing a desire to "move on and exit gracefully while we still can," despite their love for the Lakers and its fans.

However, Jeanie Buss, through her lawyer Adam Streisand, argues that a 2017 court ruling mandates that no sale can be "effectuated without approval by the co-trustees, i.e. Jeanie, Janie and Joey Buss." Streisand further asserted that the co-trustees are obligated to vote in a manner that ensures Jeanie Buss maintains the minimum 15% ownership requirement to remain the Controlling Owner. He warned that any action by the co-trustees to facilitate the sale would constitute a breach of trust, breach of fiduciary duty, and contempt of court.

The transaction poses a significant threat to Jeanie Buss's position, as its completion would strip her of the necessary ownership percentage to retain her role as governor. She had an agreement with Walter, established during his initial purchase of the team, that guaranteed her status as the franchise's controlling owner through 2030. While Iger stated to the California Post that he intended to honor this agreement, he added a caveat: "If something changes, then it changes." Iger and Buss reportedly met recently to discuss the transition from Walter.

Jeanie Buss was the sole sibling who did not vote to sell the team, and multiple sources indicate she did not respond to the family vote. Streisand has since demanded that the five other siblings publicly affirm Jeanie Buss as the Controlling Owner of the Los Angeles Lakers and "take no action on this supposed 'vote' to sell the 17.8% stake." This letter was first obtained by CNBC.

The vote to sell the remaining family shares had been open since the Tuesday prior to Walter's agreement with Kushner and Iger. Sources revealed that an emergency meeting of the Buss siblings was called by Lakers vice president of finance Joe McCormack the previous Monday night. The meeting aimed to discuss the dissolution of the family trust and secure approval to lock down all family shares for four years under a new trust. Reportedly, during the Tuesday meeting to discuss this, no mention was made of Walter's impending sale, which sources suggest "spooked" the family and led to renewed calls among the five siblings to sell their shares. A previous vote several months prior had seen only three siblings in favor of selling, but after Walter's sale, two more siblings joined the vote, with Jeanie Buss abstaining.

This second sale of Lakers shares within a year comes amidst a federal investigation into Mark Walter for alleged tax fraud by companies associated with the billionaire.

The Buss family has maintained ownership of the Lakers since Jerry Buss acquired the team from Jack Kent Cooke in May 1979. Under the leadership of Jerry Buss and, following his passing, his children, the Lakers have achieved remarkable success, securing 11 NBA championships, with the most recent in 2020. The franchise boasts the most wins of any team since the start of the 1979-80 season, accumulating 2,289 victories. Over a dozen Hall of Famers, along with multiple Hall of Fame coaches, have graced the Lakers' roster and sidelines, first at the Great Western Forum and later at Crypto.com Arena (formerly Staples Center), which opened in 1999.