Jeanie Buss has launched legal action in Los Angeles Superior Court to stop her five siblings from selling their remaining stake in the Lakers.
The six children of late former owner Jerry Buss are feuding over plans to sell their remaining 17.8 percent stake in the NBA franchise. The dispute follows an agreement by investors Joshua Kushner and Bob Iger to buy a majority share from Mark Walter in a deal that values the team at $12.5 billion.
Buss, who is the only member of the family still serving as team governor, is challenging a 5-1 vote by her five siblings to sell their minority ownership stake to Kushner and Iger.
In court documents seen by the Daily Mail, Buss called the behavior of her siblings "devious" and stated that she was "blinded" by the attempted transaction. She claimed a family statement released to ESPN last week was "knowingly false," asserting that she "never agreed to any sale, was never consulted, and was never even informed."
The Los Angeles Lakers are one of the most successful franchises in National Basketball Association history, based in Los Angeles, California. Jerry Buss purchased the team in 1979 and oversaw multiple championship eras before his death in 2013, after which Jeanie Buss took over leadership of the organization.
Court petition and legal demands
The petition filed by Buss contains five specific court orders. It seeks to surcharge and remove Joey Buss and Janie Buss as co-trustees for breach of fiduciary duty, while holding both in contempt of court.
The filing also requests that James Buss, Johnny Buss, and Jesse Buss be held in contempt and found liable for aiding and abetting. In addition, it asks the court to instruct the trustees to comply with a 2017 court order and declare the purported trustee resolution void.
A court hearing on the petition has been scheduled for November 5. Her lawyer, Adam Streisand, demanded last week that her siblings "make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers" and "take no action on this supposed 'vote' to sell the 17.8% stake."
Buss contends that her approval is legally required before any sale can take place, citing a 2017 court ruling that no sale could be "effectuated without approval by the co-trustees, i.e. Jeanie, Janie and Joey Buss."
Siblings defend decision to sell
The legal dispute comes after an initial statement provided by the Buss family on August 17, which read: "We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction. We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can."
Following the legal challenge, the five siblings doubled down on their position and told ESPN they "remain united" after the 5-1 vote.
In a joint statement, the five siblings said: "The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives. Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community. Johnny, Jimmy, Janie, Joey and Jesse have made the decision to sell the family's remaining stake, and we remain united in that decision. We intend to move forward thoughtfully, respectfully and through the appropriate process."
Governor status and prospective buyers
Under NBA rules, any team governor must hold at least a 15 percent stake in the franchise. If the sale of the family's remaining 17.8 percent share is finalized, Buss would lose her official status as team governor.
The deal forms part of a wider ownership change for the franchise. Buyers Bob Iger, the chief executive of The Walt Disney Company, and Joshua Kushner, founder of venture capital firm Thrive Capital, agreed to buy the majority stake held by Mark Walter, the chief executive of Guggenheim Partners and controlling owner of Major League Baseball's Los Angeles Dodgers.
