Buss Family Refutes Jeanie, States Clear Intention To Sell Lakers

One day after Jeanie Buss contested her siblings attempting to sell the family’s shares of the Lakers, the rest of the Buss family made it clear they aren’t backing down.  

Jim, Johnny, Janie, Joey and Jesse Buss issued a statement on Tuesday afternoon: “The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives. Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community.

“Johnny, Jimmy, Janie, Joey and Jesse have made the decision to sell the family’s remaining stake, and we remain united in that decision. We intend to move forward thoughtfully, respectfully and through the appropriate process.”

Jeanie’s siblings agreed to sell their 17.8% stake of the Lakers to Josh Kushner and Bob Iger, who are slated to become the franchise’s majority co-owners after agreeing to buy the Lakers from current majority owner Mark Walter at a historic valuation of $12.5 billion.

“We have tremendous respect for Bob Iger and Josh Kushner and believe they understand what the Lakers represent to Los Angeles and our incredibly loyal fan base,” the statement from the Buss siblings added. “We are confident they will honor everything this franchise stands for while building upon the foundation our father created.”

Lakers Governor Jeanie Buss is opposing her siblings’ vote to sell the family’s share of the Lakers, according to a letter from her lawyer, Adam Streisand, which was obtained by the California Post, arguing her siblings can’t legally execute a sale without her approval and that any vote of the Buss family selling would be “void”.

The Buss family trust includes six of the late Dr. Jerry Buss’ children: Johnny (69), Jim (66), Jeanie (64), Janie (62), Joey (41) and Jesse (37).

The siblings believe they simply need a majority vote (four out of six) to allow the trustees to sell the family’s shares.

Jeanie didn’t vote to sell the family’s ownership stake in the Lakers, while the other five siblings in the trust did.

“Pursuant to the JAB Trust and the attached Court Order, the co-trustees are 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,” Streisand said in the letter. “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 letter added: “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.”

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The siblings took the opposite action, making it clear they still intend to sell their share of the Lakers.

What comes next remains to be seen.

Jeanie and her representatives didn’t issue a statement in response Tuesday.

The Buss family said in a statement Monday morning: “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. We love the Lakers, Laker 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.”

Selling the Lakers would result in Jeanie no longer being the team’s Governor, since she would no longer have the qualifying 15% ownership stake in the franchise required told hold that position. She has been team’s Governor since 2013 after Jerry’s death.

When Walter purchased the majority ownership of the Lakers from the Buss family, the league announced that Buss would remain the team’s Governor for a period of at least five years (through 2030).

Iger told the California Post last week he and Kushner intended to honor the agreement made between Walter and Buss. 

But on Monday, Jeanie’s attorney sent a letter to lawyers for the other siblings demanding that they retract the announcement of the proposed sale, insisting that rules of the family trust and a 2017 court ruling make clear that she will remain a controlling owner of the team for life.

The letter also called the announcement of a planned sale of the family’s stake in the Lakers, “just the latest instance of a years-long pattern whereby Joey and Jesse Buss leak false, defamatory and pernicious `information’…for the malicious purpose of doing harm to the Los Angeles Lakers so long as Dr. [Jerry] Buss’ chosen successor, Jeanie Buss, carries out her father’s wishes.”

Kushner and Iger are purchasing about 65% of the Lakers in their deal with Walter. The Buss family’s share of the Lakers would give Kushner and Iger about 83% of the franchise.

That sale needs to be approved by the NBA Board of Governors, which is scheduled to meet Sept. 15-16 in New York.

Kushner also must sell his minority ownership stake in the Heat before he can officially become the Lakers’ co-majority owner.

But after the latest update in this saga, how and when this will be resolved isn’t clear.