Jeanie Buss Challenges Siblings’ Proposal to Sell Lakers’ Minority Stake

LOS ANGELES, CALIFORNIA – APRIL 15: Jeanie Buss attends the Los Angeles Premiere of Netflix’s “Running Point” Season 2 at The Egyptian Theatre Hollywood on April 15, 2026 in Los Angeles, California. (Photo by Axelle/Bauer-Griffin/FilmMagic)

Jeanie Buss’s lawyer sent a letter on Monday afternoon stating that the Los Angeles Lakers’ controlling governor opposes her siblings’ attempt to sell the remaining 17.8% ownership stake to the new majority owners, Bob Iger and Josh Kushner.

The lawyer referenced a 2017 court ruling confirming that Jeanie Buss will retain her position as the Lakers’ controlling owner for the remainder of her life, a status that has not been altered.

Streissand wrote, “On behalf of Jeanie Buss, I require that your clients publicly affirm that Jeanie Buss remains the controlling owner of the Los Angeles Lakers and refrain from any action regarding this alleged vote to sell the 17.8% ownership interest.”

Streissand challenged ESPN’s earlier report that the Buss family chose to sell its minority share because Jeanie had not approved the measure. The resolution would require the vote of four of the six Buss siblings—Joey, Jesse, Jim, Johnny, and Janie—along with the three current co‑trustees, Jeanie, Janie, and Joey Buss. If a majority of the siblings approved the sale, Jeanie Buss would lose her role as Lakers governor, as NBA rules require a governor to hold at least a 15% ownership stake.

Streissand further explained, “No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. may be completed without the approval of the current co‑trustees—namely Jeanie, Janie, and Joey Buss.” Pursuant to the JAB Trust and the attached court order, the co‑trustees are obligated to vote the shares in a manner that preserves the minimum 15% ownership requirement, thereby allowing Jeanie Buss to remain the controlling owner. Any deviation by the co‑trustees, or any assistance to them in such a deviation, would constitute a breach of trust, a breach of fiduciary duty, and contempt of court.

Jeanie terminated Jim in 2017 as the Lakers’ head of basketball operations and also dismissed Joey (G League) and Jesse (scouting) during a front‑office restructuring that followed the Buss family’s sale of majority ownership to Mark Walter. This latest effort could lead to Jeanie Buss’s termination; however, she intends to pursue litigation to preserve the family’s ownership interests.

Streissand wrote, “In any event, any vote by any of the Buss siblings is void ab initio.” He added that such a vote would conflict with the explicit requirement that the trustees of the Jo Ann C. Buss 2006 Children’s Electing Small Business Trust (the “JAB Trust”) vote the Los Angeles Lakers, Inc. shares to ensure Jeanie Buss remains the controlling owner. As you are aware, the Los Angeles Superior Court issued an Order on Petition for Instructions to Co‑Trustees Concerning Appointment of Controlling Owner of the Los Angeles Lakers, Inc. in April 2017, which states: “The Co‑trustees of the Trust are hereby instructed to take all reasonable actions to ensure that [Jeanie Buss] is elected as the Controlling Owner of the Lakers on an annual basis during [Jeanie Buss’s] lifetime, absent a further order of this Court modifying the Trust based on proof of circumstances justifying the modification under applicable law.”

CNBC, The Athletic, and ESPN also reported on the contents of Streissand’s letter.

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