The Los Angeles Lakers are synonymous with winning, but behind the scenes, the family that built the dynasty is tearing itself apart. You’ve likely heard the latest headlines: the Buss siblings voted to sell their remaining 17.8% minority stake to Bob Iger and Josh Kushner. It sounds like a simple exit strategy, but it’s actually a high-stakes legal standoff that threatens Jeanie Buss’s grip on the organization.
If you’re wondering why this matters beyond the gossip, it’s simple. The Lakers governor role requires at least 15% ownership. If that stake is sold off, Jeanie loses her job. She isn't just sitting back and watching it happen. She’s fighting back, and her legal team is already calling the siblings' move a breach of fiduciary duty.
The Trust Trap
At the center of this mess is the Buss Family Trust. Jerry Buss, the legendary architect of the "Showtime" era, left behind a governance structure that was always destined to be a powder keg. As the situation stands, the co-trustees—Jeanie, Janie, and Joey—hold the keys.
Jeanie’s lawyer, Adam Streisand, made a clear move by notifying the other siblings that any sale is void without the approval of the co-trustees. The argument is that the trustees have a binding obligation to keep at least 15% of the team under the family umbrella to protect Jeanie’s position. If the siblings try to force this sale, they’re essentially inviting a court battle over breach of trust.
This isn’t the first time the family has been in the news for internal warfare. Back in 2017, Jeanie fired her brother Jim from his front-office role, which led to a different, messy lawsuit. The current discord highlights a simple, harsh reality: when a massive, multi-billion-dollar asset is held in a trust among six siblings with different financial goals, conflict is inevitable.
Why The Siblings Want Out
It’s easy to paint this as just another family feud, but there’s a financial motive that’s hard to ignore. The Lakers were valued at $10 billion last year when a majority stake was sold to Mark Walter. Now, with a potential $12.5 billion valuation on the table for the new deal with Iger and Kushner, the siblings are looking at a massive payday.
Many of the siblings have been pushed out of the organization over the years, including Joey and Jesse, who were removed from their front-office roles last November. If you're an owner but have no say in operations, and the path to future dividends is uncertain, you're going to look for an exit. They want liquidity. They want to cash out their piece of the pie while the valuation is at an all-time high.
The Iger and Kushner Factor
Bob Iger and Josh Kushner aren't just bystanders here. They’ve already moved to acquire roughly 65% of the team from Mark Walter. If they can secure the remaining 17.8% from the Buss siblings, they’ll control about 83% of the franchise. That level of control makes them the real power players, and it leaves Jeanie with very little leverage if she’s stripped of her governor status.
The NBA’s Board of Governors still has to sign off on this, and that process is notoriously slow. This is where Jeanie has time, but she also faces the risk of being outvoted by her own siblings, who are tired of the status quo.
What Comes Next
You should expect this to play out in court, not just in the boardroom. Jeanie’s claim that the vote is void is a preemptive strike, but it’s not a permanent shield.
- The Legal Battle: Expect a flurry of filings. The definition of the trustees' responsibilities will be argued until someone blinks or a judge intervenes.
- NBA Intervention: The league hates instability. They want a clear, undisputed owner. If this drags on, the commissioner’s office might have to step in to force a resolution, which is never a great look for a premier franchise.
- The Power Vacuum: If Jeanie loses her 15% threshold, she isn’t just losing a title; she’s losing the ability to dictate the team’s culture. That’s the real fear for Lakers fans who value the "family" aspect of the organization.
The Lakers have survived coaching changes, player trades, and even the departure of superstars, but a full-scale corporate takeover by outside investors is a different animal. This is a cold, calculated move by the siblings to turn their inheritance into cash. Whether the courts allow them to undermine the founder's successor is the question that will define the next chapter of Lakers history. The era of the "family-owned" team is fading, and this latest drama is the final proof. Keep an eye on the filings; if this doesn't settle quickly, the transition to a purely corporate entity will be inevitable.
