Buss Family Drama Won’t Stop Lakers Sale to Iger and Kushner
Sources say the deal is unaffected by the Buss family dispute.
The sale of the Lakers for $12.5 billion to a group led by Joshua Kushner and Bob Iger remains on track despite a dramatic disagreement within the Buss family. Sources confirm that the family's decision to sell its remaining 17.8% stake in the team does not impact the proposed acquisition. Jeanie Buss, the current governor of the Lakers, has disputed the claim made by her family, arguing that they do not have the authority to compel the sale of their stake.
The Buss siblings, excluding Jeanie, are believed to have voted in favor of exercising their "tag-along" rights, which allow them to sell their interest when control changes hands. However, Jeanie Buss' lawyer asserts that a simple majority vote is not required for the sale of the family stake. The court order, dated 2017, states that the sale of the family stake cannot be executed without approval from the current co-trustees, which include all three Buss siblings.
Furthermore, the order requires the family to maintain a minimum 15% ownership stake, ensuring Jeanie Buss remains the controlling owner. The legal controversy surrounding the Buss family's desire to retain control has not stopped the deal from moving forward, as the NBA requires team governors to own at least 15% of a franchise.
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