Los Angeles (United States) (AFP) – An attorney for Jeanie Buss says she will fight her siblings’ plan to sell their 17.8% stake in the Los Angeles Lakers to former Disney chief executive Bob Iger’s new majority ownership group, according to multiple media reports on Monday. The tale began with reports from The Athletic, ESPN, USA Today, and Los Angeles outlets citing a Buss family statement after Iger and Joshua Kushner paid a record $12.5 billion for the team last week from prior majority owner Mark Walter.
“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the family statement said. “We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”
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But that was not the end of the story as a lawyer for Jeanie Buss, a co-trustee in the family trust that holds the Lakers interest, wrote a letter to her siblings that was obtained by CNBC and ESPN. Attorney Adam Streisand, representing Jeanie Buss, said in the letter to her five siblings that she has not agreed to sell the team and any vote suggesting a sale “would be and is void” because her approval as one of three co-trustees, along with Joey and Janie Buss, is needed for such a move.
“Co-trustees are bound to vote to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner,” the letter said. “Any attempt by the co-trustees to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”
Jeanie Buss has been the Lakers’ NBA governor since 2013, taking over after the death of her father, Jerry Buss, and ESPN reported she was the only family member not to vote for the sale. She had a deal with Walter to remain as the team governor, but after the sale of the family interest, she would not have the 15% stake needed to remain in that position.
“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 letter said.
The Buss family sold a majority stake in the Lakers to Walter last year for $10 billion, which was then the record for the largest sale of a US sports team. Iger and Kushner would own about 83% of the Lakers provided the deal is approved by NBA club owners, a decision expected at an NBA board of governors meeting next month in New York.
© 2024 AFP
