Lakers Sale Drama: Siblings vs. Jeanie Buss

Five of Jeanie Buss's siblings have officially challenged her position regarding the sale of the Buss Family Trust's Lakers shares. The siblings, Jimmy, Johnny, Janie, Joey, and Jesse Buss, filed court documents asserting their right to include the trust's nearly 18 percent stake in the Lakers sale. This move directly opposes Jeanie Buss's petition, which sought to block such a sale.

A majority of the siblings, voting 5-0, decided to exercise the trust's 'tag along' right to sell their shares as part of a larger deal. This transaction involves Joshua Kushner's ownership group, which agreed to purchase a majority control of the Lakers for a record $12.5 billion valuation. The trust's stake is valued at approximately $1.875 billion under this proposed sale.

This legal battle could determine Jeanie Buss's continued role as Lakers governor. NBA regulations mandate a governor must hold at least 15 percent ownership. The trust's current 17.8 percent stake allows Jeanie to meet this requirement. However, if the trust sells its shares, her governorship could be jeopardized unless a new arrangement is made, potentially requiring her to retain a 5 percent stake.

Jeanie Buss's legal team argues a 2017 ruling mandates the family trust keep her in power for life, requiring co-trustee approval for any share sale to ensure her continued ownership. The siblings, however, contend a majority vote is sufficient to proceed with the sale, aiming for a smooth transaction on schedule. A court hearing is scheduled for December 8.