Make California Post a Preferred Source Jeanie Buss’ siblings are formally opposing the Lakers governor’s stance that they can’t sell the family’s ownership stake of the franchise without her permission.
Five of the siblings that make up the Buss Family Trust — Johnny (69), Jim (66), Janie (62), Joey (41) and Jesse (37) — are filing a case against their sister, who’s attempting to block her siblings from selling the remainder of the family’s ownership shares of the Lakers.
“Jimmy, Johnny, Janie, Joey and Jesse Buss, the five of six siblings who voted to sell the Trust’s shares in the Lakers, [on Wednesday] filed their formal opposition, demonstrating that Jeanie Buss’s petition is legally and factually baseless,” the siblings said in a statement issued to ESPN. “While discussions among the siblings continue, their focus remains on facilitating the proposed transaction and the [Buss family] trust’s participation in it, while ensuring that all beneficiaries, including Jeanie, are treated equally.
“[Wednesday’s] filing is a necessary step to protect those interests and ensure the transaction proceeds on schedule.”
The five-non Jeanie Buss siblings voted to sell the rest of the family’s 17.8% ownership stake of the Lakers to soon-to-be majority owners Josh Kushner and Bob Iger.
Kushner and Iger agreed to purchase the majority shares of the Lakers from Mark Walter for a valuation of $12.5 billion, less than a year after Walter bought the Lakers from the Buss family at a valuation of $10 billion.
Jeanie Buss originally filed a petition in Los Angeles Superior Court in late August to block her siblings’ attempted sale of their minority ownership stake of the franchise.
Jeanie, the third-oldest child of the late Dr. Jerry Buss, first made it clear she opposed her siblings’ vote to sell the family’s share of the Lakers, according to a letter from her lawyer, Adam Streisand, that was obtained by The Post, arguing her siblings can’t legally execute a sale without her approval and that any vote of the Buss family selling would be “void.”
To remain the Lakers governor, Jeanie or the Buss family would need to maintain control of at least 15% of the franchise, per NBA rules.
Jeanie has been the team’s governor since 2013 after Jerry’s death. When Walter purchased the majority ownership of the Lakers from the Buss family, the league announced that Buss would remain the team’s governor for at least five years (through 2030).
Streisand filed a continuation (postponement) in Jeanie’s petition in Los Angeles Superior Court after the hearing was initially scheduled for Nov. 5. The continuation request was granted, with the hearing being rescheduled for Dec. 8.
