Jeanie Buss has refused to recognize a 5–1 family vote to sell the remaining 17. 8% stake in the Los Angeles Lakers, throwing the franchise’s reported $122. 5 billion valuation transition into a potential legal battle. The controversy began when five members of the Buss family voted in favor of selling the stake, a move that appeared to clear the way for Bob Iger and Josh Kushner to become the franchise’s new controlling forces after Mark Walter’s sale of his own shares.
. Jeanie Buss, the Lakers’ governor and controlling owner, rejected the vote’s validity,arguing that the family’s shares are not individually owned but held through a family trust,and that she,as chair of the trust’s board,holds the ultimate authority over any transaction. . “She didn’t respond to the vote because she’s like, ‘You don’t have the authority to do this,’” said ESPN NBA senior insider Shams Charania, who first reported the Buss family vote“I have the ultimate authority.
”I think she’s right as the trust standsecause the family’s Lakers shares are in that trust. ”It’s not like she has 3% and Jim has 3%; it’s owned collectively by the family trust,and she is the controlling owner of those shares. ”
The reported vote, initially characterized as “5–0,” did not include Jeanie Buss’s participation,as she refused to acknowledge the process entirely,according to CharaniaThe timing of the sale vote has also drawn scrutinyCharania reported that, days before the vote,family attorney Joe McCormack had called a meeting late Monday to discuss revising the trust for the next four years—a move that, in retrospect,appears connected to Jeanie Buss’s efforts to solidify a written control agreement she had reached with Mark Walter when he purchased his controlling stake in 2021That agreement,which reportedly included a guarantee preserving a $10 billion valuation for the Buss family shares during a five-year period,was central to getting Jeanie Buss to agree to Walter’s purchaseNow that Walter is selling,that agreement’s future is uncertain,according to CharaniaBob Iger stated in an interview that “We intend to honor that agreement between Jeanie and Mark,which was in writing,but if something changes,then it changes. ”Charania noted that Walter made that deal because he had to in order to get Jeanie to sell,but “now Mark’s sellingSo will that hold up in court?
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Some siblings reportedly raised concerns about significant tax liabilities associated with changing the trust,while others questioned why revisions were necessary at all,“Why don’t we just sell it? ”according to Charania,who said those concerns may have helped push the family toward the sale voteThe family had reportedly been struggling for years over the direction of its Lakers ownership,with Jeanie Buss seeking to maintain control while her siblings pushed for a different path“She’s been on this island for quite a long time trying to keep everyone happy,” Charania said“It was set up that way by her father,and she’d managed it as long as she could. But now this feels like the end one way or another. ”
The central legal question,according to Charania,revolves around fiduciary responsibility: If Jeanie Buss controls the trust,she has an obligation to act in the best interests of its beneficiariesLawyers could ultimately face an enormous question: Is it better for the trust to sell now at a $122.
5 billion valuation,or is it better to maintain its shares at their current valuation with Jeanie as controlling owner? Charania predicted that the next step would be her lawyer sending a formal letter to the other side’s attorneys,potentially leading to court filingsif a settlement cannot be reached behind closed doors“If those lawyers can’t settle this,the next stage could get very ugly,” he said. The dispute has also become deeply personal, given the Lakers’ history under Jerry Buss,who purchased the team in 1979 and turned it into one of sports’ most iconic franchises,known for championships,superstars,and Hollywood glamourJeanie Buss inherited the responsibility of protecting that legacy after years of family conflict,becoming the face of Lakers ownershipNow,the reported sale could end the Buss family’s ownership connection to the team entirely,and Jeanie Buss appears prepared to fight the final battle over the authority she believes her father left behind“Five family members may believe the Lakers have already been sold,” Charania said“Jeanie Buss appears to be saying something very different: Not without me.
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