ESPN reported on Monday that the Buss family voted to sell shares to Josh Kushner and Bob Iger.
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These two businessmen last week agreed to purchase a controlling stake in the Lakers (about 78%) from Mark Walter, who had managed the Los Angeles club for less than a year – last year he bought most of this organization’s shares from the Buss family. The value of the new deal is as much as $12.5 billion (10.8 billion euros).
The family that controlled the Lakers for nearly half a century kept 17.8% of the shares after last year’s sale, and the sales agreement stipulated that Jeanie Buss could hold executive positions in the organization until 2030.
However, now her five brothers and sisters have decided to sell the remaining shares after voting on it within the family. If this is implemented, Jeanie Buss would no longer be able to lead the Lakers, as she would no longer hold the mandatory minimum of 15% of the club’s shares.
However, Jeanie Buss and her lawyer challenged this decision. She bases this move on a 2017 court ruling which clarified that “no share sale can be executed without the consent of the main trustees, i.e., Jeanie, Janie, and Joey Buss.”
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According to ESPN, Jeanie Buss voted against the sale of the Lakers, and according to her Buss lawyer, “any other decision would be considered a breach of the previous agreement and could lead to the case moving to court.”
The Buss family has owned the Lakers since 1979, when Jerry Buss acquired the organization from Jack Kent Cooke. This longtime Los Angeles club owner died in 2013, and after his death, the most important decisions in the organization were made by his daughter Jeanie.
Under the Buss family’s ownership, the Lakers won as many as 11 NBA championships, the most recent in 2020.
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