Los Angeles Lakers governor Jeanie Buss is formally opposing the potential sale of her family’s stake in the NBA franchise, directly contradicting reports that the family agreed to sell to former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner in a deal valuing the franchise at $12.5 billion.
Legal Battle and Governance Control of the Franchise
According to a legal letter obtained by CNBC and authored by attorney Adam Streisand, Jeanie Buss has not consented to any transaction involving the JAB Trust’s 17.8% ownership interest in Los Angeles Lakers, Inc. Streisand stated that any vote or transaction suggesting the family is selling “would be and is void.”
Here is the math: The JAB Trust’s 17.8% block is essential for maintaining the mandatory 15% minimum ownership threshold required for Jeanie Buss to retain her position as controlling owner. Under a 2017 court order, co-trustees Jeanie, Janie, and Joey Buss are legally bound to vote their shares to protect that threshold. Streisand warned that attempts to bypass this structure constitute a breach of trust, a breach of fiduciary duty, and contempt of court.
The Bottom Line
- Valuation Discrepancy: Recent reports pegged a potential majority stake acquisition by Bob Iger and Joshua Kushner at an overall team valuation of $12.5 billion.
- Governance Block: Jeanie Buss’s legal counsel maintains that no sale of the 17.8% JAB Trust stake can proceed without the explicit approval of current co-trustees Jeanie, Janie, and Joey Buss.
- Internal Friction: The dispute follows accusations from Streisand alleging that Joey and Jesse Buss leaked “false, defamatory and pernicious ‘information'” regarding the family’s intentions.
Asset Valuation and Control Mechanics
According to a person familiar with the matter, Jeanie Buss prefers to hold the family stake for value reasons while preserving operational control as governor.
| Stakeholder / Trust | Ownership Interest | Governance Status |
|---|---|---|
| JAB Trust | 17.8% | Subject to 2017 court-ordered voting restrictions |
| Mark Walter | Majority stake | Subject to proposed acquisition talks by Bob Iger and Joshua Kushner |
Streisand’s letter directly targeted internal dissent within the family structure. The legal filing accused Joey and Jesse Buss of leaking what it characterized as “false, defamatory and pernicious ‘information'” to media outlets regarding the purported sale.
Market Implications and Franchise Valuations
Without Jeanie Buss’s consent as co-trustee and controlling owner, the pathways for outside buyers to secure a commanding super-majority stake are legally constrained.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
