Jeanie Buss to Fight Siblings Over Lakers’ $12.5 Billion Ownership Sale

Jeanie Buss filed a petition to block family’s sale of Lakers.

Jeanie Buss to Fight Siblings Over Lakers’ $12.5 Billion Ownership Sale

Jeanie Buss (Image credits - Larry Brown Sports)

It appears that the relationship between Jeanie Buss and her siblings is getting more strained with every passing day. Drama is brewing among the Buss siblings over the potential sale of the Los Angeles Lakers.

The Lakers have undergone some major changes on and off the court over the past year. They have made several roster additions after LeBron James‘ departure and have also seen a change in ownership.

The Buss family sold majority ownership of the franchise to Mark Walter for $10 billion last year. However, just a year later, Walter decided to sell the team to Josh Kushner and Bob Iger for $12.5 billion.

While the duo has majority ownership, the Buss family still holds a 17.8% stake. It was reported that Jeanie’s five siblings agreed to sell their stakes to Iger and Kushner. But it has been revealed that Jeanie will fight against her siblings over the sale.

ESPN insider Ramona Shelburne reported that Jeanie filed a petition to block her family’s sale of the Lakers.

In a petition filed in LA Superior Court Wednesday Los Angeles Lakers Controlling owner Jeanie Buss challenged the legitimacy of her five siblings vote to sell the family’s remaining shares in the franchise, arguing that it’s in the best interest of the family trust to “retain an interest sufficient to maintain control and to benefit from the continuously skyrocketing value.” Buss notes that minority owners Dr. Patrick Soon Shiong and Ed Roski have joined her in that decision.

Ramona Shelburne on X

Shams Charania was the first to report that the Buss family agreed on a deal to sell their stakes to Kushner and Iger. The news brought a huge surprise to Lakers fans, as the family has owned the team since 1979.

While Jeanie is a minority owner along with her siblings, it was confirmed that she would continue her role as the governor of the organization. However, she revealed that she is not on the same page as her siblings and will fight them in court. It’s the second time Jeanie has taken her siblings to court over matters relating to the Lakers.

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Jeanie Buss seeks court help keeping her family’s share of the Lakers

The Lakers are the second-most valuable franchise in the NBA today, behind the Golden State Warriors. After dismissing Charania’s reports regarding the sale by the Buss family as false rumors, Jeanie and her attorneys filed a petition in Los Angeles Superior Court on Wednesday.

Jeanie Buss
Jeanie Buss (Image credits – Bleacher Report)

LA Times writer Thuc Nhi Nguyen reported that Jeanie never agreed to the sale of the Lakers in her petition.

Jeanie thought she had put all of her siblings’ scheming and manipulations behind her in 2017. Among five points on the petition, Jeanie hopes to declare her siblings’ votes to sell the team void, remove Janie and Joey as co-trustees for “breach of fiduciary duty” and hold both in contempt of court and hold Jim, Johnny and Jesse in contempt and liable for “aiding and abetting.

Thuc Nhi Nguyen on LA Times

The 97-page report accuses her siblings of  “devious behavior” for not including her in the discussions. Hence, she is seeking the court’s help in retaining her family’s minority share of the team.

Jeanie Buss has the backing of the two other minority owners

The Buss siblings took over ownership after the passing of their father, Jerry Buss, in 2013. When Jeanie Buss took her siblings to court in 2017, the court ordered that she remains the Lakers’ controlling shareholder, and no sale can take place without her consent.

In the petition, she also revealed that she has the backing of the two other minority owners, Patrick Soon-Shiong and Ed Roski.

The petition adds that Lakers minority owners Patrick Soon-Shiong, who owns the L.A. Times and said he plans to hold onto his 4% stake in the Lakers, and Ed Roski Jr. believe Jeanie is “the right person to continue as controlling owner and NBA governor of the Lakers to help preserve and continue to grow the value of the Lakers stock investments.

Thuc Nhi Nguyen on LA Times

To remain on the NBA board of governors, Jeanie would need to own at least 15% of the team. If the sale goes ahead, she will have to relinquish her role as the governor of the Lakers.

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