Jeanie Buss disputes her family’s sale of Lakers stake
Jeanie Buss is challenging the sale of her family’s 17.8% stake in the Los Angeles Lakers, setting up a potentially lengthy family dispute. The Buss family has owned part of the team since Dr. Jerry Buss purchased it in 1979.
The family is set to sell its stake to former Disney CEO Bob Iger and Josh Kushner, Jared Kushner’s brother, who agreed last week to buy Mark Walter’s majority stake at a $12.5 billion valuation. Jeanie’s five siblings, Joey, Jesse, Jim, Johnny and Janie, reportedly support the sale.
But Jeanie’s attorney, Adam Streisand, said in a letter obtained by CNBC that any vote approving the sale “would be and is void.” He said the JAB Trust’s shares cannot be sold without approval from co-trustees Jeanie, Janie and Joey, and cited a 2017 court order requiring the family to maintain at least a 15% stake so Jeanie can remain controlling owner. He warned that proceeding without approval could constitute a breach of trust, breach of fiduciary duty and contempt of court.
The other siblings argue a tag-along provision allows them to sell their shares at the same price Mark Walter received. They voted unanimously to do so. Jeanie maintains the 2017 court order prevents the sale without her consent.
The dispute follows years of tension. In 2017, Jim and Johnny attempted to remove Jeanie from the Lakers’ board after she fired Jim as basketball operations chief. They eventually settled, leaving Jeanie in control.
Jeanie was also the swing vote in the family’s 2025 sale to Mark Walter. Jim, Johnny and Janie favored selling, while Joey and Jesse initially opposed it. Jeanie’s decision produced a 4-2 majority. Joey and Jesse ultimately voted for the sale but were later fired, leaving Jeanie as the only Buss sibling still with the team.
The family’s sale to Walter allowed Jeanie to remain governor for at least five years, but NBA rules require a governor to own at least 15%. If the family stake is sold, she could lose that position. The governor has final authority over major decisions, including basketball operations. Rob Pelinka currently holds that role and is closely associated with Jeanie.
Iger previously said Buss was expected to remain governor, but added that “if things change, they’ll change.” It remains unclear whether Iger and Kushner knew about the siblings’ plans or whether they intend to make major front-office changes.
The dispute could also affect the Lakers’ future with Luka Dončić, who can become a free agent in 2028 and could command 35% of the salary cap. While there is little indication he wants to leave Los Angeles, continued dysfunction or an early playoff exit could influence his decision.
Dr. Jerry Buss remains widely regarded as one of the NBA’s greatest owners. From 1979 through his death in 2013, the Lakers won 10 championships behind Magic Johnson and Kobe Bryant. Since then, however, the team has gone 483-562, compared with 1,749-991 during Dr. Buss’ tenure. The Lakers also endured a franchise-record six-year playoff drought before LeBron James arrived with Anthony Davis and led the team to the 2020 championship.
The team’s fortunes declined after the Russell Westbrook trade, which was made with James and Davis’ support. Jeanie later reportedly soured on James and Klutch Sports. The Lakers also chose not to give James another major contract, and he left this offseason for the Philadelphia 76ers on a minimum-salary deal.
The Buss legacy may ultimately be remembered in two eras: Dr. Buss’ historic success and the off-court turmoil and declining performance that followed his death under Jeanie’s ownership.
