A contentious dispute has erupted within the Buss family regarding the ownership of the Los Angeles Lakers, specifically concerning the potential sale of a significant stake in the team. What initially appeared to be a straightforward transaction involving Bob Iger and Josh Kushner acquiring an additional 17.8% of the Lakers has been vehemently challenged by Jeanie Buss, the team's controlling owner. Her legal counsel asserts that this proposed sale is part of a calculated effort by her siblings, Joey and Jesse Buss, to destabilize her position and potentially compromise the team's interests. This internal strife highlights deep-seated family tensions and raises questions about the future leadership and stability of the iconic NBA franchise.
The controversy began with reports indicating that the Buss family had voted to sell their remaining shares to Iger and Kushner's group, which would have increased their combined ownership to 83%. This followed their initial acquisition of a 65% stake from Mark Walter. However, Jeanie Buss's lawyer, Adam Streisand, swiftly refuted these claims in a strongly worded two-page letter addressed to the siblings' attorneys. Streisand characterized the supposed sale as a continuation of a "years-long pattern" designed to pressure Jeanie Buss and accused Joey and Jesse Buss of leaking "false, defamatory and pernicious" information to the media. The lawyer emphasized that such actions, if aimed at circumventing a 2017 L.A. Superior Court order, would constitute a breach of trust, fiduciary duty, and contempt of court.
Streisand's letter explicitly demanded that Joey and Jesse Buss publicly affirm Jeanie Buss's status as the controlling owner of the Los Angeles Lakers and refrain from any further actions regarding the contested 17.8% stake. This demand underscores the severity of the internal conflict and the legal complexities involved. The core issue revolves around Jeanie Buss's role as governor, which, under NBA rules, requires an individual to own at least 15% of the team. A complete sale of the family's remaining shares would strip her of this critical status, potentially ending a long-standing family legacy of running the franchise that dates back to 1979 when Dr. Jerry Buss first acquired the team.
The broader implications of this dispute extend beyond family matters. If the sale proceeds and Jeanie Buss loses her governor status, it would mark a significant shift in the Lakers' governance structure, potentially leaving no Buss family member in a direct leadership role for the first time in decades. The NBA Board of Governors is scheduled to review the initial sale to Iger and Kushner at their meeting on September 15 and 16 in New York City. Additionally, Josh Kushner would need to divest his ownership in the Miami Heat to comply with league regulations, further complicating the transaction. This unfolding drama, reminiscent of a corporate succession battle, casts a shadow of uncertainty over the Lakers' future ownership and leadership.
The ongoing power struggle within the Buss family regarding the Los Angeles Lakers' ownership stake has created significant turmoil. What initially seemed like a finalized transaction has been challenged by Jeanie Buss's legal team, who allege a calculated attempt by her siblings to undermine her authority. This dispute highlights the complexities of family-held assets and the fierce determination to maintain control over a revered sports franchise, with the outcome poised to redefine the Lakers' future leadership.
