Jeanie Buss to fight siblings over sale of 17.8% stake in Lakers: reports
An attorney for Jeanie Buss says she will fight her siblings' plan to sell their 17.8% stake in the Los Angeles Lakers to former Disney chief executive Bob Iger's new majority ownership group, according to multiple media reports on Monday."On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the controlling owner of the Los Angeles Lakers and that your…
The Buss family, owners of the Los Angeles Lakers, are set to sell their 17.8% stake in the NBA team to a group led by Bob Iger, former Disney CEO, in a deal valued at $12.5 billion. However, Jeanie Buss, a co-trustee in the family trust, has vowed to fight her siblings' plan to sell their stake. In a letter to her siblings, her attorney stated that Jeanie Buss has not agreed to the sale and any vote suggesting a sale would be void as her approval is needed for the move to maintain her controlling ownership.
Despite the family's decision to sell, Jeanie Buss, who has been the Lakers' NBA governor since 2013, would not have the required 15% stake to continue in her position. The Buss family sold a majority stake in the Lakers to Walter last year for $10 billion, setting a record for the largest sale of a US sports team. The deal is expected to be approved by NBA club owners at an upcoming board of governors meeting in New York.
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