The Buss family’s long relationship with the Los Angeles Lakers is facing another major dispute, with five of Jerry Buss’ six children reportedly seeking to sell their remaining 17.8% stake in the franchise. The proposed transaction would transfer the family’s final interest to Josh Kushner and Bob Iger, who are in the process of taking control of the Lakers at a reported $12.5 billion valuation.
However, Jeanie Buss is challenging the move. Her attorney, Adam Streisand, argues that the reported vote to sell the family’s remaining shares is invalid because of the structure of the Buss family trust and a 2017 Los Angeles Superior Court order. That means the reported agreement is not simply a matter of five siblings outvoting one.
Why the Buss Family’s Remaining Lakers Stake Is Worth Billions
The six Buss siblings — Jeanie, Jim, Johnny, Janie, Joey and Jesse — inherited their father’s Lakers ownership through a family trust following Jerry Buss’ death in 2013. The family later sold most of its interest to Mark Walter in a deal that valued the franchise at approximately $10 billion, while retaining a combined 17.8% stake.
Walter subsequently agreed to sell his controlling interest to an ownership group led by Kushner and Iger at a $12.5 billion valuation. At that valuation, the Buss family’s 17.8% holding would be worth roughly $2.2 billion before taxes and transaction costs.
The five siblings reportedly voted to sell their remaining interest, but Jeanie was the lone sibling opposing the move. If completed, the transaction would end the Buss family’s direct ownership connection to the Lakers, which began when Jerry Buss purchased the team in 1979.
Jeanie Buss Says the Sale Cannot Proceed Without Her
Jeanie’s legal challenge centers on the family trust and an earlier court ruling concerning her position as the Lakers’ controlling owner. Her attorney maintains that the trust’s co-trustees — Jeanie, Janie and Joey Buss — must approve a transaction involving the family’s remaining shares.
The legal argument also points to provisions requiring the family to maintain enough ownership for Jeanie to remain the Lakers’ controlling owner. According to her attorney, selling the entire 17.8% stake without the required approval could amount to breaches of trust and fiduciary duties and potentially conflict with the existing court order.
The dispute has therefore created an unusual situation around the Lakers’ ownership transition. While reports have described the Buss family as having voted to sell, Jeanie’s legal team disputes the validity of that decision, meaning the final status of the family’s remaining stake remains contested.
For now, the broader Kushner-Iger transaction is still subject to NBA approval, while the Buss family’s internal legal fight could determine whether its final Lakers shares change hands as planned.