Overview
- Multiple outlets reported that five of six Buss siblings voted to sell the family trust’s 17.8% Lakers stake to Bob Iger and Josh Kushner, a move first reported on Monday and followed by a joint statement from those five siblings.
- Jeanie Buss, through lawyer Adam Streisand, immediately disputed the sale and demanded her siblings take no action, arguing a 2017 Los Angeles County Superior Court order and co‑trustee approval rules prevent the trust’s shares from being sold without Jeanie’s consent.
- The sale relies on a tag‑along clause tied to Mark Walter’s recent sale to Iger and Kushner that required at least four sibling votes to trigger the option to sell the trust block at the same $12.5 billion valuation.
- The transaction is not closed and must clear the NBA Board of Governors, which meets Sept. 15–16, and satisfy closing conditions including Josh Kushner’s required divestment of his minority Miami Heat stake.
- If the trust’s 17.8% block is sold, Jeanie would fall below the NBA’s 15% ownership threshold to be governor, a change that could shift on‑court and front‑office authority and invite litigation that may delay or reshape the deal.