Jeanie Buss Opposes Sale of Lakers' Family Stake
Jeanie Buss blocks potential sale to Bob Iger and Joshua Kushner.
1Jeanie Buss Opposes the Sale
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. This contradicts an earlier ESPN report. Jeanie Buss's lawyer Adam Streisand, in a letter obtained by CNBC, stated that Jeanie has not agreed to the sale and any vote would be void.
2Legal Process and Control
Streisand referenced a 2017 court order, emphasizing that Jeanie Buss holds the controlling share of the Lakers and no sale can occur without her approval. The sale of JAB Trust's 17.8% stake cannot be executed without the joint approval of Jeanie, Janie, and Joey Buss, ensuring Jeanie remains the controlling owner.
3Consequences of Sale Attempts
Streisand stated that any attempt by the co-trustees to proceed with the sale or assist in such an attempt would constitute a breach of trust, breach of fiduciary duty, and contempt of court. This highlights the legal barriers to the sale.
4Iger and Kushner's Plans
Last week, Bob Iger and Joshua Kushner agreed to purchase Mark Walter's majority stake in the Lakers, valuing the team at $12.5 billion. The sale of the Buss family's stake would have given Iger and Kushner approximately 83% ownership of the team.
5Jeanie Buss's Stance
Jeanie Buss does not wish to sell the family's stake in the team at this time. This decision is driven by both the desire to preserve the value of the shares and to maintain her role as governor. A source familiar with the matter confirmed Jeanie's rationale.
6Details of the Legal Letter
The letter sent by Jeanie Buss's lawyer Adam Streisand clearly outlines the legal obstacles to the sale and Jeanie's intent to retain control. The letter details the legal consequences of any attempt by the co-trustees to proceed with the sale.
7Potential Impact of the Sale
If the Buss family's stake were sold, control of the Lakers would largely shift to Bob Iger and Joshua Kushner. This could significantly influence the team's future management strategies and financial decisions. Jeanie Buss's decision has effectively blocked this change.
8Conclusion and Significance
Jeanie Buss's opposition to the sale demonstrates her commitment to retaining control of the Lakers and preserving the family's legacy. This development marks a pivotal moment in shaping the future of one of the NBA's most valuable teams.