Jeanie Buss challenges Buss family’s sale of Lakers stake
Legal correspondence argues co-trustee approval is required, contradicting family statement that sale will reduce ownership below NBA’s 15% governance threshold.
Jeanie Buss has formally contested the Buss family’s decision to sell their remaining 17.8 per cent stake in the Los Angeles Lakers to new majority owners Josh Kushner and Bob Iger. The legal challenge, delivered via a letter from her attorney Adam Streisand, asserts that the transfer of family trust shares cannot proceed without the explicit approval of all co-trustees, including Jeanie.
The dispute centres on the governance structure of the Buss Family Trust. While the family issued a statement on Monday confirming the sale, Streisand’s correspondence argues that the transaction is invalid without unanimous consent from the co-trustees: Jeanie, Janie, and Joey Buss. Jeanie Buss was the sole sibling to vote against the sale in a decision made on Monday morning.
The Buss family’s position is that the divestment is necessary to conclude their era of ownership, which began when Dr Jerry Buss acquired the franchise in May 1979. In their statement, the family indicated that the sale would reduce Jeanie’s ownership interest below the 15 per cent threshold mandated by NBA guidelines for a team governor. Consequently, the family stated that Jeanie would no longer meet the requirements to retain her role, a position she has held since succeeding her father following his death in 2013.
“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,” the family said in their statement. They added that while they love the Lakers and their fans, it is time to exit gracefully. The transaction follows a complex ownership saga where Mark Walter purchased a controlling stake from the family in June 2025 for $10 billion, only to sell the majority interest to Kushner and Iger four days later for $12.5 billion.
It remains unclear whether Streisand’s legal argument regarding co-trustee approval will successfully block the sale or allow Jeanie Buss to maintain her governorship. The NBA’s strict ownership thresholds present a significant hurdle, as the family’s collective decision to sell effectively removes the equity stake required for her continued governance under current league rules.
