Los Angeles Lakers governor Jeanie Buss is contesting her family’s plans to sell sell its remaining shares in the NBA team to new majority owners Joshua Kushner and Bob Iger.
In a letter obtained by USA TODAY Sports and first reported by CNBC, Buss’ attorney Adam F. Streisand refuted an earlier report from ESPN that all six siblings – Jim, Johnny, Janie, Jeanie, Joey and Jesse – had voted to sell their 17.8% ownership stake and that Jeanie was effectively out as team governor. He asserted that any such vote “would be and is void ab initio,” or completely null and void from the moment it was made.
Advertisement
Streisand maintained that Jeanie Buss remains the controlling owner of the Buss family’s stakes, citing a 2017 court order – also obtained by USA TODAY Sports – that established the co-trustees of the JAB Trust must “take all actions reasonably available to them” to ensure Jeanie Buss is elected controlling owner every year for the remainer of her lifetime. Selling their shares below the required 15% for Jeanie Buss to serve as the face of ownership would, Streisand says in the letter, violate the order.
LAKERS: Buss family intends to sell remaining stake despite Jeanie Buss’ opposition
Jeanie Buss attorney letter by schristie
Advertisement
“The Order remains in full force and effect,” the letter reads. “There has never been a modification of the Trust. No effort has ever been made to justify to the Court that there are circumstances for modifying the Trust, and there are no circumstances that could be proven to justify any modification.
“… On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers and that your clients shall take no action on this supposed “vote” to sell the 17.8% stake.”
The news of the Buss siblings’ intention to sell comes just five days after Kusher and Iger agreed to purchase the Lakers from majority owner Mark Walter for a record $12.5 billion. That also came less than a calendar year after Walter bought the team for $10 billion, putting an end to the Buss’ 47 years of majority ownership. If the tag-along sale from the family were to go through, Kusher and Iger would assume an estimated 83% total stake.
Contributing: Lorenzo Reyes
This article originally appeared on USA TODAY: Jeanie Buss contesting her family’s plan to sell its Lakers stakes