08/18/26 05:23:00
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08/18 17:22 CDT 5 Buss siblings say they still intend to sell Lakers minority
shares despite Jeanie's opposition
5 Buss siblings say they still intend to sell Lakers minority shares despite
Jeanie's opposition
By GREG BEACHAM
AP Sports Writer
LOS ANGELES (AP) --- Five of the six children of former Los Angeles Lakers
owner Jerry Buss still intend to sell their remaining minority ownership of the
NBA team despite the opposition of their sister, Jeanie.
Johnny, Jimmy, Janie, Joey and Jesse Buss reiterated their stance Tuesday in a
statement issued to ESPN, saying they "remain united in that decision. ... We
intend to move forward thoughtfully, respectfully and through the appropriate
process."
The five Buss siblings said Monday they had voted to sell the family trust's
remaining 17.8% stake to Josh Kushner and Bob Iger, who are acquiring majority
ownership from Mark Walter.
Jeanie Buss announced her intention to fight back against the plan later Monday
through a letter from her attorney, Adam Streisand. Jeanie Buss claims the
siblings can't sell the trust's ownership shares without her approval.
If the five siblings are able to sell their remaining ownership, Jeanie Buss
would no longer be able to serve as the Lakers' governor, a position she is
scheduled to hold until at least 2030 under the deal struck with Walter last
year when he purchased majority control of the team at a valuation of $10
billion.
The Buss siblings reportedly made nearly half a billion dollars apiece in that
sale, but the 17-time NBA champion team is considered to be worth even more
with Walter flipping his ownership to Kushner and Iger at a valuation of $12.5
billion.
Jeanie Buss has been the Lakers' governor since Jerry Buss' death in 2013, and
she led the family's decision to sell to Walter, who is now under federal
investigation for tax issues. Not all of the siblings were in favor of
relinquishing majority control of the Lakers last year, and Joey and Jesse were
fired from their front-office jobs with the team last November.
The Buss siblings have been in frequent conflict since their father's death in
2013, with Jeanie firing Jim from his job as the Lakers' head of basketball
operations in 2017, followed a week later by a lawsuit against her brothers
amid an attempt by Jim and Johnny to oust Jeanie from her role as the Lakers'
controlling owner.
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