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Lakers Ownership Row: Jeanie Buss Blocks Sale
17 Aug
Summary
- Jeanie Buss opposes sale of family's Lakers stake.
- Her lawyer states she remains controlling shareholder.
- Potential buyers had agreed to purchase Mark Walter's stake.
Los Angeles Lakers governor Jeanie Buss is reportedly in opposition to the sale of her family's stake in the NBA team. A letter obtained by CNBC, addressed to law firms representing her siblings, states that Buss has not agreed to sell and any purported vote to sell is void.
According to the letter, Buss remains the controlling shareholder of the Lakers due to a 2017 court order. It emphasizes that no sale of the JAB Trust's 17.8% ownership interest can occur without the approval of the co-trustees, including Jeanie Buss. The trust mandates voting the shares to maintain Jeanie Buss's position as controlling owner.
This development follows a report that Bob Iger and Joshua Kushner had agreed to purchase Mark Walter's majority stake in the Lakers. That proposed deal had valued the team at $12.5 billion.
