LOS ANGELES—Jeanie Buss can lose ownership of the Los Angeles Lakers franchise that was previously owned by her family. Her attorney announced she will contest any attempt to selling the rest of her and the families ownership stake. The Buss sibling’s announced that they will be trying to sell the remaining 17.8 percent of their ownership. Bob Iger and Josh Kushner are in the hunt to buy the remaining percentage purchasing the team for $12.5 billion.
Five out of the six Buss siblings are on board with decision to sell their ownership in the team. The representatives of Jim, Johnny, Janie, Joey, and Jesse released a statement on their decision to exit the franchise.
If the team is sold, Jeanie will not be able remain the team’s governor without at least owning 15 percent of the franchise.
CNBC obtained a letter of Jeanie’s lawyer Adam Streisand clarifying that the other Buss siblings cannot sell the team that reads:
“No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss. Pursuant to the JAB Trust and the attached Court Order, the co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner. Any attempt by the co-trustees to do otherwise, and any attempt 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.”
Iger and Kushner are planning to honor the deal of Jeanie staying as the team’s governor until 2030. Mark Walter made the deal with Buss.
