Lakers Finance VP Seeks Emergency Buss Meeting on Trust Restructure
Sources indicate the senior vice-president of finance convened the Buss siblings last Monday to discuss dissolving the family trust and securing unanimous approval for a new governance structure.
Joe McCormack, the Los Angeles Lakers’ senior vice-president of finance, has called for an emergency meeting of the Buss siblings to address the future of the franchise’s family trust. According to sources cited by ESPN and reported by Dave McMenamin, the gathering took place last Monday with the primary objective of discussing the dissolution of the existing trust arrangement.
The proposal presented at the meeting seeks unanimous approval from the Buss family to lock down all family shares for a period of four years. This restructuring would place the shares under a new trust structure, marking a significant shift in the internal governance of the organisation. The requirement for unanimous consent suggests a high level of coordination is needed among the siblings to proceed with the changes.
This development occurs against the backdrop of a major ownership transition for the Los Angeles Lakers. Bob Iger and Josh Kushner recently acquired a majority stake in the franchise, a deal that has reshaped the power dynamics within the organisation. The Buss family, which has historically held control of the team, is now navigating its role within this new ownership hierarchy.
The specific motivations behind the decision to dissolve the current family trust have not been publicly detailed in the source material. However, the timing of the emergency meeting suggests a strategic response to the recent acquisition by Iger and Kushner. The proposed four-year lock-in period indicates a desire to stabilise the family’s equity position during this transitional phase.
It remains unclear whether the Buss siblings will provide the necessary unanimous approval for the new trust structure. The outcome of the emergency meeting is yet to be confirmed, and the Lakers organisation has not issued a direct statement regarding the proposal. The information relies on sources speaking to ESPN, meaning the details should be treated as reported rather than officially confirmed actions.
