Full Breakdown
Buss Siblings Push to Sell Remaining Lakers Stake as Jeanie Buss Blocks the Deal
8/19/2026, 11:04:56 PM
Core Event
Five of the six Buss children—Johnny, Jim, Janie, Joey and Jesse—have voted to sell the family trust’s remaining 17.8 % ownership stake in the Los Angeles Lakers to the incoming owners, Josh Kushner and Bob Iger. Jeanie Buss, the franchise’s governor and controlling owner, has filed a letter through her attorney, Adam Streisand, asserting that a 2017 court order requires the approval of the three co-trustees—Jeanie, Janie and Joey—before any sale can be effected. If the sale proceeds, Jeanie would fall below the NBA-mandated 15 % ownership threshold and would lose her governor role, which is scheduled to run through 2030 under the prior agreement with Mark Walter. The transaction would add the Buss stake to Kushner and Iger’s roughly 65 % purchase from Walter, raising the new ownership group’s share to about 83 % of the franchise at a reported valuation of $12.5 billion.
Background & Context
Jerry Buss bought the Lakers in May 1979 and built a dynasty that captured 10 championships before his death in 2013. Jeanie Buss assumed the governor’s seat that year and later negotiated the 2025 sale of the family’s controlling interest to Mark Walter for a record $10 billion, a deal that guaranteed her governorship through 2030. The 2017 Los Angeles Superior Court order, arising from an earlier power struggle, stipulated that any disposition of the JAB Trust’s 17.8 % share must preserve Jeanie’s controlling-owner status.
Timeline
- 1979 – Jerry Buss purchases the Lakers.
- 2013 – Jeanie Buss becomes governor after Jerry’s death.
- 2017 – Court order requires co-trustees to maintain a minimum 15 % stake for Jeanie to remain controlling owner.
- 2025 – Majority stake sold to Mark Walter for $10 billion; Jeanie’s governorship protected.
- 2026 (early) – Kushner and Iger agree to buy Walter’s 65 % stake for $12.5 billion.
- August 18, 2026 – Five Buss siblings vote to exercise a tag-along provision and sell the remaining 17.8 % stake; Jeanie’s lawyer issues a contesting letter.
Official Statements & Responses
- Jeanie Buss (via attorney Adam Streisand): The vote is “void” because co-trustees must ensure the minimum 15 % ownership requirement is maintained; any attempt to aid the sale would constitute a breach of trust and contempt of court.
- Shams Charania (NBA insider): Reported the five-sibling vote and defended his reporting, stating he “fully stand[s] by my reporting.”
Criticism & Opposition
Jeanie’s legal team argues that the tag-along provision cannot override the 2017 court order, contending that the siblings lack authority to sell without her consent. The siblings counter that the provision, embedded in the Walter transaction, grants them the right to join any sale at the same valuation.
Conflicting Reports & Gaps
Sources differ on the mechanics of the tag-along clause: ESPN and CBS Sports say the five siblings can sell based on the provision, while Jeanie’s counsel maintains that co-trustee approval is mandatory. Some reports describe the vote as a “majority” decision, others emphasize a “four-of-six” threshold, leaving the exact voting requirement ambiguous.
What’s Next
The NBA Board of Governors must approve the ownership change; the league’s next meeting is slated for mid-September, when a decision on the sale is expected. Both sides have indicated the possibility of litigation, suggesting the resolution could extend beyond the board’s vote.
