The Buss family definitively says goodbye to the Los Angeles Lakers

The Buss family is getting ready to put an end to over four decades of ownership of the Los Angeles Lakers, but their exit is far from peaceful. The decision to sell the remaining 17.8% of the family shares has triggered a new internal conflict and directly jeopardizes Jeanie Buss's position as controlling owner and governor of the franchise.

The Buss family has decided to sell their remaining stake to the group formed by Josh Kushner and Bob Iger, maintaining the same valuation of $12.5 billion previously agreed upon by Mark Walter. However, Jeanie Buss strongly opposes the deal and believes her siblings do not have the authority to execute the sale without her approval.

Through her attorney, Adam Streisand, Jeanie has contested the vote cast by her siblings. Her argument is based on a 2017 court ruling which, according to her interpretation, states that any sale requires the approval of the three trust co-administrators: Jeanie, Janie, and Joey Buss.

The stakes are high. If the transaction proceeds, Jeanie Buss could fail to reach the ownership percentage necessary to maintain control of the Lakers. When Mark Walter took over the franchise, Jeanie had reached an agreement to remain as the controlling owner until 2030.

Iger recently assured that he intended to honor that agreement with Jeanie, yet he added a statement that now holds particular significance: "If anything changes, then it changes". Iger himself met with Jeanie last week to discuss the transition.

A Family Decision Ending an Era

The five siblings who voted in favor of the sale claim they made the decision as a family. In a statement, they explained their desire to divest the remaining shares and definitively close their chapter as Lakers owners.

"We love the Lakers, the Lakers fans, and will continue to support Los Angeles; but it is time to seize this opportunity to move forward and exit gracefully while we still can," the family stated.

Jeanie was the only sister who did not vote in favor of the sale. According to multiple sources, she did not even respond to the family vote.

Her attorney further demanded that the five siblings publicly acknowledge Jeanie as the controlling owner of the Lakers and refrain from taking any action related to the alleged vote.

The situation reveals a deep fracture within the family that has overseen one of the world's most important sports franchises for decades.

The End of a Dynasty

The Buss family acquired the Lakers in 1979 when Jerry Buss bought the franchise from Jack Kent Cooke. Since then, the Lakers became one of the greatest dynasties in the history of American sports.

During Jerry Buss's ownership and subsequently his children's, the franchise secured 11 NBA championships, the latest in 2020. Under the Buss family's leadership, Los Angeles witnessed over a dozen Hall of Fame players and some of the most notable figures in basketball history.

Furthermore, the Lakers amassed 2,289 victories since the 1979-80 season, the highest figure of any NBA franchise during that period.

Now, that era comes to a close.

The sale of the family stake signifies more than just a financial transaction. It marks the end of a chapter initiated by Jerry Buss 47 years ago, which turned the Lakers into one of the most recognizable sporting brands on the planet.

But the Buss family's exit is accompanied by one last battle. The family wants to depart, but Jeanie Buss is unwilling to lose control of the franchise she inherited from her father. And as the new owners prepare to take over, Jeanie's future at the helm of the Lakers hangs in the balance.

This is an automatic translation. You can read the original news, La familia Buss dice definitivamente adiós a Los Angeles Lakers