Lakers Ownership in Flux: Buss Siblings Unite to Sell
A family rift threatens the Lakers' future as five siblings unite to sell their shares, challenging Jeanie Buss's opposition.
The Update
Five of the six members of the Buss trust have voted to sell their remaining shares in the Los Angeles Lakers. The siblings, including Johnny, Jimmy, Janie, Joey, and Jesse, issued a statement confirming their “united” intention to sell. The move comes after Jeanie Buss, the team’s governor and the only sibling to abstain from the vote, declared her intention to contest the sale.
Why It Matters
This development marks a significant shift in the ownership of one of the NBA’s most valuable franchises. The sale would transfer the remaining 17.8% of the team to Josh Kushner and Bob Iger, who are already purchasing a majority stake from Mark Walter. The deal values the franchise at $12.5 billion, a record for a U.S. professional sports team. The internal conflict raises questions about the stability of the franchise’s leadership and the future direction of the Lakers.
What to Watch
Watch for legal challenges from Jeanie Buss, who has threatened to block the sale. The outcome of this family dispute could impact the team’s governance and its ability to make long-term decisions. Additionally, the sale’s completion may face regulatory hurdles given the high valuation.
Sources
- espn.com — The update and the siblings' statement.
- Lebron Wire — Context on the valuation and the sale process.
