Jeanie Buss Opposes Lakers Sale
Jeanie Buss is reportedly not in favor of selling the Los Angeles Lakers to Bob Iger and Josh Kushner, asserting that her brother can’t sell any shares without her consent.
In a communication to lawyers representing her five siblings involved in the Bass Family Trust, Jeanie Buss’ attorney, Adam Streisand, stated on Monday that Jeanie never consented to the sale and emphasized that her brother’s vote to sell is “null and void from the beginning.”
According to Streisand’s letter, “The sale of JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers cannot occur without the approval of current co-trustees Jeanie Buss, Janie Buss, and Joey Buss.” The letter also pointed out that the co-trustees must vote the shares of the Lakers to maintain a minimum 15% ownership, ensuring Jeanie remains the controlling shareholder.
“Any attempt by the Co-Trustee to do otherwise, or to assist in such actions, would be considered a breach of trust and fiduciary duty, and could provoke court contempt,” the letter continued. “On behalf of Jeanie Buss, I formally request that your client publicly acknowledge Jeanie Buss as the controlling owner of the Lakers and confirm that no steps will be taken regarding this alleged ‘vote’ to sell her stake.”
There are also reports that Bass has filed a sales injunction in the Los Angeles Central District Superior Court.
Recently, it was revealed by multiple sources to ESPN that Iger and Kushner, who are involved in Las Vegas expansion plans, made a significant offer to purchase the Lakers from Mark Walter. Walter acquired control of the team from the Bass family last year for around $10 billion, which was a record valuation for the franchise.
The deal would see Kushner and Iger acquiring approximately 65% of the Lakers from Walter, which, when combined with the Bass family’s stake, would give them around 83% of the franchise. This sale still awaits approval from the NBA’s Board of Governors, which is set to convene in New York on September 15th and 16th.
Additionally, Kushner must divest his minority stake in the Miami Heat before officially becoming a co-majority owner of the Lakers.
