Jeanie Buss, the controlling owner of the Los Angeles Lakers, has confirmed that she will not sell her family’s 17.8% stake in the NBA franchise, contradicting a prior ESPN report that claimed the Buss family was planning to sell to new majority owners Josh Kushner and Bob Iger. Buss’ attorney, Adam Streisand, accused her siblings, Joey and Jesse Buss, of leaking false information regarding the supposed sale. The letter emphasized that any sale of the family’s stake requires approval from the current co-trustees, which includes Jeanie, Joey, and Janie Buss. Recently, Mark Walter, the Lakers’ majority shareholder, announced a move to sell his ownership to Kushner and Iger for $12.5 billion, raising questions about the team’s ownership dynamics. The Lakers, a storied franchise with 17 championships, have experienced ongoing family conflicts since Jerry Buss’ death in 2013, particularly among the six Buss siblings.
Why It Matters
The Los Angeles Lakers are one of the most iconic franchises in sports, with a significant cultural and economic impact. Jeanie Buss has been the governor of the team since her father’s death, overseeing substantial changes, including the sale of a controlling stake to Mark Walter last year for $10 billion. The dynamics within the Buss family have complicated ownership decisions, reflected in past legal disputes and differing opinions on management strategies. The recent developments surrounding ownership stakes could affect the team’s future direction as it navigates these internal conflicts against a backdrop of high financial stakes and ongoing investigations involving Walter’s broader business dealings.
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