Well, it didn't figure that a $12.5 billion sale of the Los Angeles Lakers would go off without a hitch. However, the problem doesn't stem from the megabucks portion of the business move.
On Monday it was revealed the Buss family was going to sell its 17.8% of the team, too, to Bob Iger and Jared Kushner. The reports said four of the six Busses had to approve it and that seemed to be the way to push Jeanie Buss out of her position of ownership and the team's governor.
Not so fast, says the longtime NBA exec.
“No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss. Pursuant to the JAB Trust and the attached Court Order, the co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner,” her lawyer Adam Streisand says in a letter obtained by CNBC.
“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,” he says.
Lakers controlling owner Jeanie Buss opposes sale of family's stake to Bob Iger, Joshua Kushner https://t.co/qVKobiREDA
— CNBC (@CNBC) August 17, 2026
A look at the Lakers exec through the years:
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This article originally appeared on The List Wire: Best images of Los Angeles Lakers exec Jeanie Buss