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Jeanie Buss challenges siblings' vote to sell Lakers stake FAST-MOVING
A legal and familial dispute has erupted within the Buss family over the sale of their remaining 17.8 percent stake in the Los Angeles Lakers. The conflict follows a recent agreement where majority owner Mark Walter agreed to sell his stake to a group led by Bob Iger and Josh Kushner in a transaction valued at a record 12.5 billion dollars.
Five of the six Buss siblings—Jim, Johnny, Janie, Joey, and Jesse—have issued a joint statement expressing their intent to sell the remaining family interest to the Iger-Kushner group. They stated they wish to “exit gracefully” and believe the move is in the best interest of the franchise and the Los Angeles community.
However, Jeanie Buss, the team’s governor and controlling owner, is contesting the sale. Her attorney, Adam Streisand, argues that a 2017 court ruling requires the consent of co-trustees Jeanie, Janie, and Joey Buss for any such transaction, making the siblings' vote invalid. Jeanie is also fighting to maintain her position as team governor; NBA rules require a controlling owner to hold at least a 15 percent stake, a threshold she would fall below if the family's remaining shares are sold.
Entities
Bob Iger · Buss Family Trust · Jeanie Buss · Josh Kushner · Joshua Kushner · Los Angeles Lakers · Mark Walter
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] The Buss family previously sold a majority stake in the Lakers to Mark Walter for 10 billion dollars last year. www.tportal.hr
- [● 14 SOURCES] Bob Iger and Joshua Kushner are leading the group to acquire the majority stake from billionaire Mark Walter. megafon.si · www.sport-tv.si · www.tportal.hr · 24hip-hop.com · www.brasilemfolhas.com.br · +8 more
- [● 17 SOURCES] Jeanie Buss is challenging the sale through her lawyer, Adam Streisand, claiming any vote on the matter would be invalid without her consent. megafon.si · www.sport-tv.si · www.tportal.hr · 24hip-hop.com · www.dunkest.com · +10 more
- [● 17 SOURCES] The transaction to acquire the majority stake in the franchise is valued at a record 12.5 billion dollars. megafon.si · www.sport-tv.si · www.tportal.hr · 24hip-hop.com · www.dunkest.com · +10 more
- [● 10 SOURCES] Trustees are required to vote to maintain at least a 15 percent stake to ensure Jeanie Buss retains control and NBA representation. megafon.si · www.sport-tv.si · www.tportal.hr · 24hip-hop.com · www.si.com · +5 more
- [● 18 SOURCES] The Buss Family Trust intends to sell its remaining 17.8 percent stake in the Los Angeles Lakers to a group led by Bob Iger. megafon.si · www.sport-tv.si · www.tportal.hr · 24hip-hop.com · www.dunkest.com · +11 more
- [● 3 SOURCES] Jeanie Buss's attorney threatened legal action, including seeking contempt of court and injunctions, if the sale proceeds. keyt.com · kesq.com · 24hip-hop.com
- [● 15 SOURCES] Five of the six Buss siblings reportedly agreed to sell the remaining family stake. 24hip-hop.com · keyt.com · www.si.com · www.brasilemfolhas.com.br · megafon.si · +8 more
- [● 4 SOURCES] Bob Iger and Josh Kushner recently acquired a majority stake in the Lakers from Mark Walter. 24hip-hop.com · keyt.com · kesq.com · www.si.com