Los Angeles Lakers: Jeanie Buss seeks to block sale of family’s 17.8% stake

Los Angeles Lakers governor Jeanie Buss is trying to block her siblings’ sale of her family’s remaining stake in the NBA franchise.

Josh Kushner, the brother of US President Donald Trump’s son-in-law Jared, and former Disney chief executive Bob Iger agreed a deal last week to buy the controlling interest in one of the world’s most iconic sports teams from Mark Walter for $12.5bn (£9.3bn).

Walter bought his share from the Buss family last year for about $10bn (£7.45bn) in a deal that ensured Jeanie remained as governor until 2030.

The Buss family, who have been either a primary or minority owner of the Lakers since 1979, released a statement on Monday saying they had voted to sell their remaining 17.8% stake to the incoming owners.

“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the statement read.

“We love the Lakers, Lakers fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”

However, Jeanie’s lawyer has now said she plans to fight her siblings’ plan to sell.

The Buss family trust comprises of Jerry Buss’ six children, with Jeanie serving as the governor of the Lakers since her father’s death in 2013.

Jeanie’s lawyer Adam Streisand said in a letter to her five siblings that any vote for a sale “would be and is void” because her approval as one of three co-trustees, along with siblings Joey and Janie Buss, is needed for such a move.

“Co-trustees are bound to vote to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner,” the letter said, according to ESPN, external.

“Any attempt by the co-trustees 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.

“On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the controlling owner of the Los Angeles Lakers and that your clients shall take no action on this supposed ‘vote’ to sell the 17.8% stake.”