Jeanie Buss Opposes Sale of Lakers Stake

Jeanie Buss, the governor of the Los Angeles Lakers, has expressed opposition to the potential sale of her family's stake in the NBA team, contradicting a prior report from ESPN regarding a sale to Bob Iger and Joshua Kushner. In a letter obtained by CNBC, Buss's attorney, Adam Streisand, stated that Jeanie Buss has not agreed to any sale and that any vote suggesting otherwise would be void. Streisand emphasized that Jeanie Buss is the controlling shareholder of the Lakers, as established by a 2017 court order, and that no sale can occur without her consent. He noted that the JAB Trust's 17.8% ownership interest in the Lakers cannot be sold without approval from the current co-trustees, which include Jeanie, Janie, and Joey Buss. Any attempts to proceed without their consent would violate fiduciary duties and court orders. Last week, Iger and Kushner reportedly agreed to purchase Mark Walter's majority stake in the Lakers, valuing the team at $12.5 billion. However, a source indicated that Jeanie Buss wishes to retain her family's stake for both financial and governance reasons.