The Vote That Split the Family
The Buss siblings voted Monday to sell their remaining shares to Kushner and Iger at the same $12.5 billion valuation Mark Walter agreed to last week. They believe a tag-along provision from the June 2025 sale to Walter gives them the right, allowing the family to join any sale and valuation Walter secured for his own shares.
Five siblings voted yes. Jeanie Buss was the lone holdout, and multiple sources say she did not respond to the family vote at all.
The family framed the decision as a graceful exit. "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," they said in a statement. "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."
Jeanie's Legal Counterattack
Her response came through attorney Adam Streisand, and it did not mince words. Streisand contends a 2017 court ruling established that no sale can be "effectuated without approval by the co-trustees, i.e. Jeanie, Janie and Joey Buss."
His letter to the five siblings went further, arguing the "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. 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."
Streisand demanded the siblings publicly affirm that "Jeanie Buss is the Controlling Owner of the Los Angeles Lakers" and "take no action on this supposed 'vote' to sell the 17.8% stake."
What's Really at Stake: Control Through 2030
When Walter first bought the team, Jeanie Buss secured an agreement to remain the franchise's controlling owner through 2030. Iger said last week he intended to honor that arrangement, with a caveat that now reads ominously: "If something changes, then it changes."
Iger met with Buss late last week to discuss the transition from Walter, sources said. A spokesperson for Kushner and Iger declined to comment on the dispute.
If the family's stake drops below the minimum 15% ownership requirement, Jeanie loses the percentage needed to stay governor, regardless of any handshake agreement.
The Meeting That "Spooked" Everyone
The path to Monday's vote began with an alarm bell. Last Monday night, Lakers vice president of finance Joe McCormack called an emergency meeting of the Buss siblings to discuss dissolving the family trust and locking down all family shares for four years under a new one.
When the family gathered Tuesday to discuss it, nobody mentioned Walter's impending sale to Kushner and Iger. One family source said the meeting "spooked" everyone, triggering fresh calls among the five siblings to sell.
The shift was dramatic. In a previous vote several months ago, only three siblings wanted to sell. This time, after Walter's deal surfaced, two more joined in, with Jeanie abstaining.
The Walter Cloud
The second sale of the Lakers in a little over a year comes in the wake of a federal investigation into Walter for alleged tax fraud by companies tied to the billionaire. That backdrop helps explain the family's urgency, and the phrase "while we still can" in their statement.
The End of an Era, Either Way
Jerry Buss bought the Lakers from Jack Kent Cooke in May 1979, and the family has held ownership ever since. The run produced 11 NBA championships, most recently in 2020, and 2,289 wins since the start of the 1979-80 season, the most of any franchise in that span. More than a dozen Hall of Famers wore the uniform under Buss family ownership, with Hall of Fame coaches on the sideline from the Great Western Forum to Crypto.com Arena.
Whether the family exits by unanimous sale or court battle, the dynasty that defined Los Angeles basketball is in its final chapter.
What Comes Next
The dispute now heads toward lawyers, and possibly a courtroom, with three questions unresolved: whether the 2017 ruling gives Jeanie and her fellow co-trustees veto power over the sale, whether the tag-along provision overrides it, and whether Iger's group honors her deal to stay controlling owner through 2030 if the math no longer requires them to. The answer decides who runs the most valuable franchise in basketball.
Frequently Asked Questions
- What is Jeanie Buss contesting?
- Her siblings' vote to sell the family's remaining 17.8% stake in the Lakers to Josh Kushner and Bob Iger at a $12.5 billion valuation.
- Why does the sale threaten her position?
- If it goes through, she falls below the minimum 15% ownership requirement needed to remain the Lakers' controlling owner and governor.
- What is her legal argument?
- Her lawyer cites a 2017 court ruling that no sale can happen without approval of the co-trustees: Jeanie, Janie and Joey Buss. He says the vote would constitute breach of trust, breach of fiduciary duty and contempt of court.
- What do the other siblings say?
- Five of six voted to sell, saying it is "time to use this opportunity to move on and exit gracefully while we still can."
- How long has the Buss family owned the Lakers?
- Since Jerry Buss bought the team in May 1979. The family era includes 11 NBA championships and the most wins of any franchise since 1979-80.
