An attorney for Jeanie Buss says she will fight her siblings’ plan to sell their 17.8% stake in the Los Angeles Lakers to former Disney chief executive Bob Iger’s new majority ownership group, according to multiple media reports on Monday.
The tale began with reports from The Athletic, ESPN, USA Today and Los Angeles outlets citing a Buss family statement after Iger and Joshua Kushner paid a record $12.5 billion for the team last week from prior majority owner Mark Walter. She had a deal with Walter to remain as the team governor but after the sale of the family interest, she would not have the 15% stake needed to remain in that position. The Buss family sold a majority stake in the Lakers to Walter last year for $10 billion, which was then the record for the largest sale of a US sports team. Iger and Kushner would own about 83% of the Lakers provided the deal is approved by NBA club owners, a decision expected at an NBA board of governors meeting next month in New York.
“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.
Attorney Adam Streisand, representing Jeanie Buss, said in the letter to her five siblings that she has not agreed to sell the team and any vote suggesting a sale “would be and is void” because her approval as one of three co-trustees, along with Joey and Janie Buss, is needed for such a move. “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,” the letter said.
