Jeanie Buss Rejects Family Sale of Lakers Stake to Kushner and Iger

Topline

Jeanie Buss denied reports that her siblings had agreed to sell their remaining minority stake in the Los Angeles Lakers to Josh Kushner and Bob Iger. In a letter to legal representatives, she stated the transaction was “false” and claimed the family had not reached a consensus.

Key Facts

Buss’ legal counsel emphasized her role as the “controlling owner” of the team, asserting any sale without her approval would violate a 2017 court order and constitute contempt of court.

The dispute followed ESPN’s report that the Buss family planned to sell their 17.8% stake, which would have reduced Jeanie Buss’ ownership below the NBA’s 15% voting threshold required to retain her position as team governor.

Kushner and Iger’s $12.5 billion bid for a 65% stake followed Mark Walter’s purchase of the Lakers in 2021. Federal investigators are examining whether Walter’s insurance companies improperly transferred funds during this process.

what did earlier reports about the sale say?

The ESPN report criticized by Buss’ lawyer falsely claimed a family vote had approved the sale. Other outlets, including The Athletic, reported the sale would require formal execution by Jeanie, Janie, and Joey Buss.

Big Number

Forbes valued the Lakers at $10 billion in January, placing them 18th among the world’s most profitable sports teams.

Key Background

Mark Walter, owner of the Dodgers and Sparks, sold the Lakers to Kushner and Iger 14 months after acquiring them for $10 billion. The sale coincided with a federal probe into potential financial misconduct involving Walter’s insurance firms, fueling speculation about external influences.

Source link