The battle over the Los Angeles Lakers has moved to a courthouse. Jeanie Buss filed a petition in Los Angeles Superior Court to block her siblings from selling the family’s stake in the franchise, according to reports from ESPN and CNBC. The filing adds a legal layer to what is already one of the most complex ownership transitions in NBA history.
At the center of the dispute is the Buss family trust, which holds a 17.8% stake in the Lakers. When majority owner Mark Walter agreed to sell to Josh Kushner and Bob Iger at a $12.5 billion franchise valuation, five of Jeanie’s siblings voted to tag along and sell their portion. Jeanie says that vote was illegal.
The argument: it is in the best interest of the trust “to retain an interest sufficient to maintain control and to benefit from the continuously skyrocketing value,” per the petition cited by ESPN.
Three trustees, one fight
The legal challenge comes down to a clause in the trust agreement. No sale of the family’s stake can occur without sign-off from all three co-trustees – Jeanie, her sister Janie, and her brother Joey Buss. A majority vote among the siblings cannot override that requirement, Jeanie argues.
The petition goes further. Jeanie is also seeking to remove Janie and Joey as co-trustees entirely, accusing them of breaching their fiduciary duty to the trust. A separate SI report noted that comments the brothers made invoking their father Jerry Buss further strained the relationship.
Lakers minority owners Dr. Patrick Soon-Shiong and Ed Roski have both indicated they plan to retain their stakes – aligning with Jeanie’s position against the broader selloff.
What happens now
The Walter-Iger-Kushner transaction is not contingent on the Buss family stake. The majority sale has moved forward. But a prolonged legal dispute over the 17.8% chunk introduces real uncertainty into the franchise’s ownership structure at a moment when the organization is trying to rebuild on the court after missing the playoffs last season.
Per Sportico, the legal dispute is already complicating the broader sale timeline. A judge will determine what comes next.
The Lakers were valued at $12.5 billion in the Walter sale – a record for a North American sports franchise. How the Buss family’s remaining stake ultimately resolves could take months.
