
Jeanie Buss Opposes Lakers Stake Sale to Bob Iger and Joshua Kushner
LOS ANGELES (VINnews)-Los Angeles Lakers governor Jeanie Buss is opposing any sale of her family’s remaining stake in the NBA franchise to Bob Iger and Joshua Kushner, according to a letter from her attorney obtained by CNBC.
In the letter addressed to law firms representing her siblings — Jim, Johnny, Janie, Joey and Jesse Buss — attorney Adam Streisand said Jeanie Buss has not agreed to sell and that any vote indicating the family is selling “would be and is void.”
Streisand argued that Buss remains the controlling shareholder under a 2017 court order and that no sale can occur without her consent. He stated that the co-trustees of the JAB Trust, which holds a 17.8% ownership interest, are required to vote the shares in a way that maintains at least 15% ownership so Buss can continue as controlling owner.
“Any attempt by the co-trustees to do otherwise, and any attempt to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court,” the letter said.
The stance contradicts an earlier ESPN report that the Buss family had decided to sell its stake to Iger, the former Disney CEO, and Kushner, founder of Thrive Capital. Those two recently agreed to buy Mark Walter’s majority stake in a deal that valued the Lakers at $12.5 billion. Adding the Buss family share would have given Iger and Kushner roughly 83% ownership of the team, according to ESPN.
A person familiar with the matter, speaking on condition of anonymity, told CNBC that Buss does not want to sell the family’s stake at this time. She prefers to retain it for both financial and governance reasons, including keeping her role as team governor.
The story is developing.