Buss Siblings: Jeanie Has No Legal Power to Block Sale of Lakers Stake

Jeanie Buss does not possess the authority to prevent her siblings from selling their stake in the Lakers, according to their recent response to her petition. They argue that her claim is merely a theoretical exercise with no practical impact. In August, Jeanie Buss attempted to halt her brothers and sisters from selling their remaining 17.8% share of the NBA franchise after a record-breaking deal with Joshua Kushner valued the team at $12.5 billion.

Her request was based on a 2017 court order that aimed to keep her as the team's governor, a position she secured through a deal with Walter. The Buss family's shares are held in a trust, and Jeanie contends that her siblings cannot force them to exit the team, nor can they sell below the 15% threshold required to retain the governorship.

Her siblings, however, assert that the family trust allows them to divest if at least two-thirds vote in favor of the sale, and Jeanie has no legal standing to obstruct this process. They contend that her petition is motivated by her desire to maintain her leadership role with the Lakers and potentially prevent the team from generating $2.2 billion in revenue through the sale.

The dispute surrounding Walter's deal is separate from the Lakers' sale to Kushner and Bob Iger, and it is not anticipated to affect the transaction.