Five of the six Buss siblings filed a formal lawsuit against interim Lakers governor Jeanie Buss on October 7, 2026, challenging her attempt to block the sale of the family’s remaining 17.82% stake in the franchise to an investment group led by Josh Kushner and Bob Iger.
Court Hearing and Trust Windfall Create Ownership Uncertainty
- Ownership Stability: With a court hearing slated for December 8, 2026, front-office decision-makers face short-term board-level uncertainty while waiting for the NBA Board of Governors vote scheduled for November.
- Trust Liquidity: The impending transaction unlocks a reported $2.2 billion windfall for the family trust via the tag-along clause, reshaping capital distribution among beneficiaries.
The Legal Battle Over the Lakers’ Remaining Shares
The legal dispute intensified when Jimmy, Johnny, Janie, Joey, and Jesse Buss submitted a 36-page response to a 97-page petition filed in August by Jeanie Buss’s attorney, Adam Streisand. The group agreed to purchase the Los Angeles Lakers following Mark Walter’s valuation of the franchise at $12.5 billion.
Jimmy, Johnny, Janie, Joey and Jesse Buss —five of the six siblings who voted to sell the trust’s shares in the Lakers— filed their formal opposition today, demonstrating that Jeanie Buss’s petition lacks legal and factual basis.
the siblings stated in a communication sent to ESPN, emphasizing that their focus remains on ensuring equitable treatment for all beneficiaries. The siblings added in their communication that while conversations among them continue, their focus remains on facilitating the proposed transaction and the family trust’s participation in it while ensuring all beneficiaries, including Jeanie, receive fair treatment, noting that the filing is a necessary step to protect those interests and ensure the transaction moves forward as planned.
Dissecting the 2017 Trust Order and Dissolution Rights
At the center of the courtroom clash is a 2017 court order regarding trust management. Streisand argued that the 2017 stipulations prevent the family from attempting a sale of the organization without the explicit consent of Jeanie Buss, who serves as the controlling owner. However, the responding siblings counter that the previous order merely named Joey and Janie Buss as co-trustees alongside Jeanie without ever restricting the individual rights of beneficiaries to dissolve the trust. Neither the stipulation nor the order makes any reference to the dissolution clause that they are currently exercising.
The siblings' filing points to a side agreement established by Jeanie with Mark Walter when Walter assumed control of the team in October 2025. That agreement guaranteed Jeanie five years as director and controlling owner, subject to NBA approval. The responding siblings argue that this provision reveals a conflict of interest, asserting that Jeanie acts primarily to preserve her personal executive standing rather than fulfilling her fiduciary obligations to the trust.
Next Steps in the Courtroom and Boardroom
With the legal friction mounting, the timeline for the franchise’s ownership transition moves toward decisive winter deadlines. A court hearing initially scheduled for November 5, 2026, was pushed back to December 8, 2026, due to prior legal commitments made by Streisand. Meanwhile, the NBA Board of Governors is expected to hold a vote in November to oversee the incoming ownership group’s assumption of control over the storied franchise.
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