Lakers Governor Jeanie Buss Takes a Stand Against Family’s Stake Sale

In a recent development, Los Angeles Lakers governor Jeanie Buss has expressed her opposition to the potential sale of her family’s stake in the NBA team. The news comes after a report by ESPN suggested that the Buss family had decided to sell its stake to Bob Iger and Joshua Kushner, who had agreed to buy Mark Walter’s majority stake in the Lakers.

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According to a letter obtained by CNBC, Jeanie Buss’s lawyer Adam Streisand stated that Jeanie Buss has not agreed to sell the team and that any vote suggesting the Buss family is selling ‘would be and is void.’ Streisand argued that Jeanie Buss remains the controlling shareholder of the Lakers, pursuant to a 2017 court order, and that no sale can take place without her consent.

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In the letter, Streisand emphasized that Jeanie Buss is 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. He also stated that 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.

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Reasons Behind Jeanie Buss’s Decision

It has been reported that Jeanie Buss wants to hold onto the team stake for value reasons as well as to maintain her role as governor. This decision contradicts the earlier ESPN report that suggested the Buss family had decided to sell its stake to Bob Iger and Joshua Kushner.

The potential sale of the Buss family’s stake in the Lakers has significant implications for the team’s ownership structure. The Buss family’s stake would have meant an overall team ownership share of approximately 83% for the former Disney CEO and Thrive Capital founder, Bob Iger, and Joshua Kushner, if the sale were to go through.

Implications of the Potential Sale

The potential sale of the Buss family’s stake in the Lakers has sparked concerns among fans and stakeholders about the future of the team. The sale could lead to significant changes in the team’s ownership structure, which could have far-reaching implications for the team’s operations and performance.

The Buss family has been involved with the Lakers for decades, and Jeanie Buss has been a key figure in the team’s management. Her opposition to the potential sale of the family’s stake is a significant development that could have a lasting impact on the team’s future.