Jeanie Buss is not giving up her Los Angeles Lakers ownership stake without a fight despite her five siblings agreeing to sell their remaining 17.8% in shares to Bob Iger and Josh Kushner as part of Mark Walter’s majority sale.
Jeanie is contending her siblings’ decision, believing it cannot be made without her approval. And now she has officially filed a petition with a court date set for Nov. 5, per Sam Amick and Melody Gutierrez of The Athletic:
Jeanie Buss has petitioned a Los Angeles Superior Court asking a judge to block her five siblings from selling the family’s remaining stake in the Los Angeles Lakers, while accusing them of secretly orchestrating a deal to try to remove her as the team’s governor. The petition, which was processed by the court on Wednesday, is the strongest sign yet that this feud won’t be ending anytime soon.
As part of the petition, Jeanie is also calling for her co-trustees, Joey and Janie, to be removed from the trust after making this decision without her:
Jeanie Buss, who was chosen by her late father and longtime Lakers owner, Jerry Buss, as his successor before he died in 2013, called her siblings’ behavior “devious” and said in the court filing that they should be held in contempt while also being held “liable for damages.” She also called for the removal of Joey and Janie Buss as co-trustees of a trust that holds the family’s remaining stake in the Lakers (17.8 percent), citing breach of fiduciary duty. NBA rules mandate that team governors own at least 15 percent of the team.
“Jeanie never agreed to any sale, was never consulted, and was never even informed,” her petition states.
Another key part of the petition is Jeanie arguing that selling their remaining shares doesn’t make sense right now financially despite it being at a record $12.5 billion valuation:
Jeanie Buss argued in the petition that selling doesn’t make financial sense given the team’s “continuously skyrocketing value,” adding that her goal is to carry out her father’s legacy and create value for fans and the Buss family. That stock will only rise under the new ownership group, she argued.
“Indeed, other owners of stakes in the Lakers have expressed their support for Jeanie remaining Controlling Owner, and have voiced their intent to hold, not sell, their stakes in the Lakers,” according to the petition.
While it’s unfortunate to see the Buss family at odds like this after all the success they had owning the Lakers since 1979, it’s clear that Jeanie is going to fight this and believes she will get her way in the end. If they don’t though, she reportedly would be open to purchasing enough shares on her own to maintain a 15% ownership stake so she can remain governor of the team.
With the court date sent for November, this sage will continue into the 2026-27 season, which isn’t ideal for a Lakers team looking to get back into championship contention.
Buss family drama not expected to threaten Lakers’ majority sale
While it remains to be seen how long it will take for this Buss family drama to get sorted out in court, it reportedly will not threaten Walter’s majority sale of the team to Iger and Kushner.
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