Five Buss family members release statement, say they’re unified in wanting to sell remaining shares of Lakers

In what feels like a fifth season of Succession, the five Buss family members who want to sell their remaining 17.8% stake in the Lakers — over the strenuous objections of Jeanie Buss, who was serving as team governor — released a statement Tuesday saying they were unified in their goals.

That statement:

Advertisement

“The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives.

“Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community.

“Johnny, Jimmy, Janie, Joey and Jesse have made the decision to sell the family’s remaining stake, and we remain united in that decision. We intend to move forward thoughtfully, respectfully and through the appropriate process.

“We have tremendous respect for Bob Iger and Josh Kushner and believe they understand what the Lakers represent to Los Angeles and our incredibly loyal fan base. We are confident they will honor everything this franchise stands for while building upon the foundation our father created.”

Advertisement

Within hours of the first report that the five Buss siblings wanted to sell the remaining family shares, Jeanie Buss and her attorney, Adam Streisand, sent a strongly worded letter to the other siblings’ attorney saying that selling the shares would be “a breach of trust” and violate court orders. From that letter:

“[No selling of the] 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss. The co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner.”

And that’s really the rub — Jeanie Buss wants to stay in her role as team governor.

Like any good family drama, there is plenty of backstory here. The Buss family has owned the Lakers since Jerry Buss purchased the team in 1979, and behind the star power of names like Magic Johnson, Kareem Abdul-Jabbar,…

Source link : https://sports.yahoo.com/articles/five-buss-family-members-release-225728650.html

Author :

Publish date : 2026-08-18 22:57:00

Copyright for syndicated content belongs to the linked Source.