Los Angeles Lakers governor Jeanie Buss is opposing the potential sale of her family’s stake in the NBA team to Bob Iger and Joshua Kushner, according to a letter obtained by CNBC — a move that contradicts an earlier ESPN report about the family’s decision.
In the letter addressed to law firms representing Jeanie Buss’s siblings — Jim, Johnny, Janie, Joey and Jesse — her attorney Adam Streisand says 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 argues 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. He specifically cites the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc., noting that “no sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss.”
According to the letter, the co-trustees are bound by the trust agreement and the attached court order to vote the shares to ensure the minimum 15% ownership requirement is maintained, which would allow Jeanie Buss to remain controlling owner. Streisand warns that any attempt by the co-trustees to act otherwise, or any attempt to aid or abet them, “would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”
Background of the deal
The dispute comes after last week’s announcement that Iger and Kushner agreed to buy Mark Walter’s majority stake in the Lakers — a deal that valued the team at $12.5 billion, CNBC reported at the time. ESPN reported that the Buss family stake would have given the former Disney CEO and Thrive Capital founder an overall team ownership share of approximately 83%.
But a person familiar with the matter, speaking on the condition of anonymity about confidential matters, told CNBC that Jeanie Buss does not want to sell the family’s stake at this time. The person said she wants to hold onto the team stake both for value reasons and to maintain her role as governor.
What happens next
The letter represents a significant legal obstacle to the proposed transaction, as it asserts that Jeanie Buss’s consent is required for any sale of the trust’s shares. The situation remains fluid, with the story still developing, according to CNBC.
The public disagreement between Jeanie Buss and her siblings over the future of the franchise marks the latest chapter in a long-running family dispute over control of the Lakers, which traces back to the 2017 court order that established her position as controlling owner.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/17/jeanie-buss-opposes-sale-family-stake.html
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