Jeanie Buss's attorney says any sale of the family's 17.8% Lakers stake is void without her consent. The dispute emerges after Iger and Kushner agreed to buy a controlling stake at a $12.5 billion valuation.
Alpha Score of 52 reflects moderate overall profile with moderate momentum, weak value, weak quality, moderate sentiment.
Jeanie Buss, the controlling owner and governor of the Los Angeles Lakers, is opposing her siblings' plan to sell the family's 17.8% stake in the NBA team to Bob Iger and Joshua Kushner, according to a letter from her attorney obtained by CNBC.
The letter, sent by lawyer Adam Streisand to law firms representing her siblings – Jim, Johnny, Janie, Joey and Jesse – says Jeanie Buss has not agreed to any sale. Any vote claiming the family is selling “would be and is void,” Streisand wrote.
Streisand argues that a 2017 court order makes Jeanie Buss the controlling shareholder. No sale can happen without her consent, he said. The co-trustees of the JAB Trust – Jeanie, Janie and Joey Buss – are bound to maintain a minimum 15% ownership requirement so Jeanie Buss can remain controlling owner, according to the letter. Any attempt to bypass that would be a breach of trust and contempt of court, Streisand added.
Last week, ESPN reported that Iger and Kushner agreed to buy Mark Walter's majority stake in the Lakers at a valuation of $12.5 billion. The Buss family stake would have given the former Disney CEO and the Thrive Capital founder about 83% ownership of the team, according to ESPN.
A person familiar with the matter said Jeanie Buss does not want to sell now. She wants to hold onto the stake for value reasons and to maintain her role as governor, the person said on condition of anonymity because the discussions are private.
The dispute reignites a family history of ownership battles. When Jerry Buss died in 2013, control passed to Jeanie Buss. A 2017 court order settled a previous lawsuit by her brothers and gave her control of the franchise. The letter does not name Iger or Kushner but directly contradicts the ESPN report that a sale of the family stake was underway.
A representative for the siblings could not be reached for comment. The Lakers organization declined to comment. The next step could involve a legal challenge if the siblings push forward with a sale vote without Jeanie Buss's approval. Streisand's letter warns that such a vote “would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”
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