Total War! The Buss Family Breaks Apart and Jeanie Buss Stands Alone in the Sale of the Lakers

The Buss family has decided to move forward with the sale of the remaining shares it holds in the Los Angeles Lakers, but the operation has sparked an internal war that threatens to end Jeanie Buss's tenure as the franchise's top executive.

Five of the six members of the Buss family trust have united in their intention to sell the 17.8% they still own of the Lakers. The only one opposed to the decision is Jeanie Buss herself, the current team governor, who has announced plans to challenge her brothers and sister.

"Johnny, Jimmy, Janie, Joey, and Jesse have decided to sell the remaining family stake, and we are unified in that decision," stated the Buss family in a statement sent to ESPN. "We intend to move forward thoughtfully, respectfully, and through the appropriate process."

This situation marks a new chapter in one of the NBA's biggest financial operations. Last June, the Buss family agreed to sell their Lakers shares to Mark Walter in a deal that valued the franchise at $10 billion, a record amount at the time for a U.S. professional sports franchise.

However, a little over a year later, the Lakers are changing ownership once again. Josh Kushner and Bob Iger have reached an agreement with Walter to purchase approximately 65% of the franchise for a valuation of $12.5 billion.

The Buss family aims to utilize an included follow-on clause from the initial sale to Walter to add their remaining stakes, which equate to 17.8% of the Lakers, to the deal. If completed, Kushner and Iger would then control about 83% of the franchise.

Jeanie Buss Rebels

The big question now is what will happen with Jeanie Buss. The current Lakers governor was the only family member who did not vote in favor of using the clause to sell the shares.

Jeanie argues that a 2017 court ruling established that a sale could not proceed without approval from the trust's co-administrators, which include herself, Janie Buss, and Joey Buss. Therefore, she believes the operation cannot proceed without her consent.

Jeanie's lawyer, Adam Streisand, sent a letter to her siblings on Monday demanding that the family publicly acknowledge that Jeanie Buss remains the owner with control of the Lakers and that no action be taken regarding the alleged vote to sell 17.8% of the shares.

The dispute also has a direct impact on Jeanie's future. If the sale goes through, she would lose her position as Lakers governor. Previously, she had a deal with Mark Walter to remain in the role until 2030.

The Family Stands by the New Owners

Despite the internal battle, the Buss family wanted to express trust in the buyers. They have immense respect for Bob Iger and Josh Kushner and believe both understand fully what the Lakers mean to Los Angeles.

"We are confident they will honor all that this franchise represents as they continue to build upon the foundation our father created," the family stated in its release.

The reference to Jerry Buss, who passed away in 2013, holds significant symbolic weight. The businessman turned the Lakers into one of the most successful and recognizable franchises in global sports, and his children have maintained the family control for years.

Now, however, that legacy is in the midst of a legal and family struggle.

The sale valued at $12.5 billion could potentially become much more than a mere change in ownership. It might also mark the end of Jeanie Buss's era leading the Lakers and the final chapter of the Buss family's control over one of the NBA's most prominent franchises.

While five family members move forward together with the sale, Jeanie Buss has decided to stand her ground. And the battle for the Lakers' future has just begun.

This is an automatic translation. You can read the original news, ¡Guerra total! La familia Buss se rompe y Jeanie Buss se queda sola ante la venta de los Lakers