Jeanie Buss blocks siblings from selling Lakers stake to Bob Iger and Joshua Kushner, citing a 2017 court ruling that gives her control over any sale of the 17.8% family interest in the $12.5 billion franchise.
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Jeanie Buss, the Los Angeles Lakers governor and controlling shareholder, is blocking her siblings from selling the family's 17.8% stake in the team to Bob Iger and Joshua Kushner, according to a letter obtained by CNBC.
The dispute erupted last week after ESPN reported the Buss family was moving forward with a sale to Iger and Kushner. In a letter to law firms representing her siblings – Jim, Johnny, Janie, Joey, and Jesse – Buss's attorney Adam Streisand said she has not consented to any transaction involving Lakers shares. Any vote claiming family approval to sell is invalid and legally unenforceable, the letter argued.
The legal basis is a 2017 court ruling that gives Buss controlling shareholder status. No sale can proceed without her explicit approval, Streisand wrote. The co-trustees of the JAB Trust – Jeanie, Janie, and Joey Buss – are legally obligated to maintain a minimum 15% ownership threshold to preserve Jeanie's controlling owner status. Any deviation from this duty, or assistance in such actions, would constitute a breach of fiduciary responsibility and contempt of court, the letter states.
Last week, Iger, the former Disney CEO, and Kushner, founder of Thrive Capital, reached an agreement to acquire Mark Walter's majority stake in the Lakers. That transaction valued the franchise at roughly $12.5 billion, according to CNBC. If the Buss family stake were included in the sale, Iger and Kushner would collectively control about 83% of the team, ESPN reported.
Sources close to Jeanie Buss, speaking anonymously due to the sensitive nature of the negotiations, said she is reluctant to relinquish the family's shares. Her decision is motivated by both the financial value of the stake and her desire to keep serving as the team's governor.
The standoff highlights how family dynamics and legal agreements intersect with high-stakes NBA franchise transactions. Forbes estimated the Lakers' value at over $13 billion in early 2026, making them one of the league's most valuable teams. Maintaining controlling interest ensures Buss's influence over team decisions and preserves the legacy established by her family, the sources said.
None of the siblings' attorneys responded to CNBC's requests for comment. Streisand declined to comment beyond the letter.
The transaction with Iger and Kushner is expected to close by mid-2026, pending NBA board approval, which requires 75% of the league's 30 owners to vote yes. The sale would be the second-largest in NBA history after the Phoenix Suns' $4 billion sale to Mat Ishbia in 2023.
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