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The Buss family is embroiled in a dispute over the sale of their remaining 17.8% stake in the Los Angeles Lakers. Jeanie Buss, the team's controlling governor, is opposing her siblings' attempts to sell their shares to new majority owners Bob Iger and Josh Kushner. Jeanie's attorney, Adam Streisand, argues that any vote to sell the family's stake is invalid without approval from the co-trustees of the JAB Trust, which includes Jeanie, Janie, and Joey Buss.
According to a letter obtained by USA TODAY Sports, Streisand insists that the sale would violate a 2017 court order mandating that Jeanie Buss remains the controlling owner of the Lakers for her lifetime. The order requires the family to maintain at least a 15% ownership stake for Jeanie to retain her role as governor.
The conflict arises just days after Iger and Kushner agreed to purchase the Lakers from majority owner Mark Walter for a record $12.5 billion. If the Buss family proceeds with the sale, Jeanie would lose her position as governor, as NBA rules require the team governor to hold at least a 15% stake.
Front Office Sports reports that ESPN initially stated that five of the six Buss siblings voted to sell their shares, but Jeanie disputes this claim. She alleges that her siblings, Joey and Jesse Buss, have been leaking false information to the media to undermine her position.
Despite the ongoing dispute, Jeanie Buss intends to litigate to prevent the sale and ensure the family retains its ownership shares. She remains determined to uphold her father's wishes, as Forbes reports that Jerry Buss intended for Jeanie to succeed him as the Lakers' governor.