Jeanie Buss Ready To Fight Siblings Over Lakers Sale to Kushner, Iger Group

Hollywood screenwriters have long attempted to capture the high-stakes, behind-the-scenes drama of the Los Angeles Lakers. From HBO’s hit drama “Winning Time: The Rise of the Lakers Dynasty” to Netflix’s comedy “Running Point,” television shows have leaned heavily into the internal friction of professional sports’ most famous family business.Yet none of those Hollywood portrayals match the real-life family feud over the franchise’s ownership structure.In a last-ditch effort to remain controlling owner of the Lakers, Jeanie Buss is scrambling to secure enough equity to block her five siblings from liquidating the family’s remaining stake. The clash comes amid a record-shattering $12.5 billion purchase agreement brokered by former Disney chief executive Bob Iger and venture capitalist Josh Kushner to acquire the franchise from majority owner Mark Walter.According to the Athletic, Ms. Buss is exploring ways to retain at least 15 percent ownership of the Lakers, the amount required by the NBA to remain the Controlling Owner of the team.That may or may not be a viable possibility after her five siblings — Johnny, Jim, Janie, Joey and Jesse — united in agreement to sell the family’s 17.8 percent ownership of the team retained when the franchise was sold to Mr. Walter 14 months ago for $10 billion.Mr. Walter is eager to close the deal. He is reportedly under federal investigation for allegedly transferring retiree money at his insurance companies to his personal business as loans without disclosing it as related-party transactions. Billions are at stake, which is why Mr. Walter is said to be actively raising capital.But Jeanie Buss isn’t ready to sell the remaining percentage owned by the Buss Family Trust established when their father Jerry Buss died in 2013. Mr. Buss elected to put all the family equity in the trust instead of giving each of his six children an equal share. As a trust, a sibling can’t sell his or her share, and each sibling’s share would remain in the trust upon their death. Four of the six siblings must approve a sale or dissolution of the trust, which is why Jeanie Buss, who signed a five-year deal with Mr. Walter to remain the team’s controlling owner, faces an uphill battle to retain a piece of the franchise.One thing is certain, she plans to fight. Her attorney, Adam Streisand issued a letter asserting her control and her intention to deem the vote void.“The co-trustees are bound to vote the Los Angeles Lakers, Inc., shares to ensure that the minimum 15 percent ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner,” the letter said, according to the Associated Press. “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.”The opposing siblings countered with a joint statement, reaffirming their unity and intention to sell the family’s shares. According to the Athletic, the siblings believe the trust clearly gives them the ability to make decisions by majority vote and that their actions are consistent with previous rulings.“Johnny, Jimmy, Janie, Joey and Jesse have made the decision to sell the family’s remaining stake and we remain united in that decision,” the siblings said in a statement that did not mention their sister. “We intend to move forward thoughtfully, respectfully and through the appropriate process.”It’s not the first time the Buss siblings have fought over the franchise. A 2017 court order issued by the Los Angeles Superior Court affirmed the family shares can’t be sold without the approval of “current co-trustees, i.e., Jeanie, Janie and Joey Buss.” After Jeanie Buss’ two older brothers, Johnny and Jim, tried to get her removed as governor through the team’s board-election process.There’s also a passage in the Trust’s instructions to take “all actions reasonably available” to ensure that Jeanie Buss is “elected as the Controlling Owner of the Lakers on an annual basis.”If the siblings get their way, Jeanie Buss would be out and the Buss Family would lose all ownership of the franchise after 47 years and 11 championships. Lights, camera, action.

Jeanie Buss Ready To Fight Siblings Over Lakers Sale to Kushner, Iger Group

Jeanie Buss Ready To Fight Siblings Over Lakers Sale to Kushner, Iger Group

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