5 Buss siblings say they still intend to sell Lakers minority shares despite Jeanie’s opposition

Five of the six Buss siblings intend to sell their remaining 17.8% minority ownership stake in the Los Angeles Lakers, despite opposition from their sister, Jeanie Buss. The five siblings, Johnny, Jimmy, Janie, Joey, and Jesse, stated they are united in their decision to sell to Josh Kushner and Bob Iger. Jeanie Buss, through her attorney, claims the siblings cannot sell the shares without her approval. If the sale proceeds, Jeanie Buss would lose her position as the Lakers' governor, a role she has held since 2013. The family trust previously sold majority control of the team to Mark Walter last year.

Lakers governor Jeanie Buss is contesting her siblings' decision to sell the family's remaining 17.8 percent stake in the Los Angeles Lakers to Bob Iger and Josh Kushner. The Buss family trust, comprised of Jerry Buss's six children, initially voted to sell the franchise to Mark Walter fourteen months ago, with Jeanie remaining governor through 2030. Last week, Walter sold the Lakers to Iger and Kushner for $12.5 billion, a sale awaiting NBA approval. Jeanie's lawyer has argued that a 2017 court ruling requires her approval, as a cotrustee, for any sale of the Lakers. The siblings stated their intention to sell to the Iger group as part of the ongoing transaction, seeking to exit gracefully.

The Buss family has voted to sell its 17.8% minority ownership stake in the Los Angeles Lakers to Josh Kushner and Bob Iger, according to reports. This decision marks the end of the Buss family's 47-year ownership of the franchise and likely Jeanie Buss's tenure as governor. The family stated they are exiting gracefully, having previously sold a controlling stake to Mark Walter last year. Walter then reportedly flipped the Lakers to Kushner and Iger at a valuation of $12.5 billion. Jeanie Buss's role as governor, which required a minimum ownership percentage, is now in question. The sale still requires NBA approval.