Shams Charania Caught in Jeanie Buss’ Family Drama: Her Lawyer Dismisses ‘False Rumors’ About Lakers’ Sale

Jeanie Buss to fight siblings over sale of 17.8% stake in Lakers.

Shams Charania Caught in Jeanie Buss’ Family Drama: Her Lawyer Dismisses ‘False Rumors’ About Lakers’ Sale

Jeanie Buss (Image credits - Bleacher Report)

Los Angeles Lakers governor Jeanie Buss has been caught up in some family drama regarding the potential sale of the team. ESPN’s Shams Charania had earlier reported on the family’s decision to sell to Bob Iger and Joshua Kushner.

Mark Walter, who bought the Lakers for $10 billion last year, sold his stake to Iger and Kushner for $12.5 billion just a year later. The new owners were among the leading candidates to own a team in the NBA’s expansion plans for Las Vegas before Walter made it clear he was open to selling the team.

The Lakers have been one of the most active teams in the summer so far. They have had a number of departures and have signed quite a few players this year. Along with big roster changes, the Lakers have also made major changes off the court.

Jeanie’s five siblings – Jim Buss, Johnny Buss, Janie Buss, Joey Buss and Jesse Buss have agreed to sell their stakes to Iger and Kushner. However, her lawyer, Adam Streisand, addressed a letter to her five siblings stating that she has not agreed to sell the team.

CNBC Sports media and sports reporter Alex Sherman reported it:

I’ve obtained a letter from Jeanie Buss’s lawyer to the lawyers of her siblings demanding any vote to sell the team is “void” and reiterating that she’s the controlling shareholder — which trumps any vote.

Alex Sherman on X

The sale of the Lakers to Iger and Kushner was completed in just 72 hours. Following the change in ownership, Iger confirmed that Buss would continue in her role as the governor of the Lakers for the next few years.

However, ESPN insider Shams Charania reported that Iger and Kushner were also going to buy the 17.8% stake owned by the Buss family. But it looks like Jeanie has no intent on selling their stakes. The letter to her siblings also said that her approval as one of three co-trustees, along with Joey and Janie, is needed for such a move.

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Jeanie Buss wants to hold onto the team stake for value reasons

The news surprised several Lakers fans as the Buss family has owned the purple and gold for 47 years. Their father, Jerry Buss, bought the team in 1979 and has been at the heart of everything good that has happened to the franchise; 11 of their 17 championships were won under the Buss family’s ownership.

Jeanie Buss
Jeanie Buss (Image credits – Sky Sports)

After Jerry’s passing in 2013, the ownership passed on to his six children. Jeanie Buss is the only family member who did not vote for the sale. She took over as the governor of the franchise in 2013.

Under a 2017 court order, she remains the Lakers’ controlling shareholder, and no sale can take place without her consent. She wants to keep ownership of the franchise for value reasons and to maintain her role as governor.

The Lakers’ ownership was transferred to the six siblings through a family trust. It has been reported as an incredibly complex trust. The upshot is that they do not own an individual percentage and would have to sell as a group.

Jeanie Buss intends to battle the remainder of the family

Since Walter made the sale to Iger and Kushner, there has been excitement among fans and even Luka Doncic. The Slovenian guard expressed delight over the new ownership and is looking to take the franchise to new heights under the ownership duo. Iger is regarded as an incredible executive and was even labeled as the “Michael Jordan of Executives”  by Stephen A. Smith.

After breaking the news of the potential sale by the Buss family, Shams Charania reported that Jeanie intends to battle the rest of the Buss family to keep the shares.

Jeanie Buss was the lone family member not in favor to sell as the five siblings voted 5-0 — including two of the three trustees — to sell the Buss stake, sources said. Jeanie Buss’ attorney says tonight that she intends to battle the remainder of the family in order to keep their shares.

Shams Charania on X

The 82.2% sale of the Lakers to Iger and Kushner is the largest sale of a US sports team on record. While they are looking to buy the remaining stakes as well, Jeanie is not looking to step away and give that up.

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