Five of the six Buss family siblings said they intend to move forward with selling their portion of the Los Angeles Lakers, a day after a lawyer for their sister, Jeanie, said doing so would be “a breach of trust, breach of fiduciary duty” and would put them “in contempt of court.”
“Johnny, Jimmy, Janie, Joey and Jesse have made the decision to sell the family’s remaining stake, and we remain united in that decision,” the siblings said Tuesday in a statement which did not mention Jeanie Buss. “We intend to move forward thoughtfully, respectfully and through the appropriate process.”
It was widely reported Monday that the Buss siblings had voted to sell their family trust’s share in the Lakers, which is worth approximately 17.8 percent of the franchise. Hours later, however, Adam Streisand, an attorney for Jeanie Buss, sent a letter to the siblings’ legal representatives stating that they did not have the right to do so.
Just In — Buss Family Statement
The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives.Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for…
— Dan Woike (@DanWoikeSports) August 18, 2026
If the trust sold its shares, Jeanie Buss would not be able to remain the team’s governor, since league rules require at least 15 percent ownership to serve in the role. Buss was to be retained as governor for at least five years as part of the deal last summer to sell controlling ownership of the Lakers to Mark Walter.
Walter stunned much of the NBA last week by agreeing to sell the franchise to former Disney CEO Bob Iger and billionaire venture capitalist Josh Kushner for a reported $12.5 billion valuation. That decision led to the latest Buss family drama.
“We have tremendous respect for Bob Iger and Josh Kushner and believe they understand what the Lakers represent to Los Angeles and our incredibly loyal fan base,” the siblings said in their statement. “We are confident they will honor everything this franchise stands for while building upon the foundation our father created.”
Everything we know about the Lakers being sold again
Dan Woike
Jerry Buss, the siblings’ father who died in 2013, purchased the franchise in 1979 for $67.5 million.