Five Buss siblings 'united' in selling Lakers shares

Five Buss siblings 'united' in selling Lakers shares --> Skip to main content Skip to navigation MenuESPN scores NFLNBAMLBSoccerWNBANHLNCAAFMore SportsBoxingNCAACricketF1GamingGolfHorseLLWSMMANASCARNLLNBA G LeagueNBA Summer LeagueNCAAMNCAAWNWSLOlympicsPLLRacingRN BBRN FBRugbyBananasSports BettingTGLTennisUFLMen's World CupWWEProfessional WrestlingEditionsWhere to WatchFantasyWatch NBAHomeOffseason MovesScoresScheduleStandingsStatsTeamsPlayersFuturesTransactionsDraftFantasy Men's BasketballInjuriesPlayoffsTrade MachineOddsDepth ChartsG LeagueAwardsNBA HistorySalariesNBA.COM ticketsTicketsNBA Summer League Five Buss siblings 'united' in selling Lakers sharesLos Angeles Lakers3hKnicks title 'embarrassing' to Nets, owner saysBrooklyn Nets10hSources: NBA lacks proof Ballmer paid via firmsLA Clippers1dDon Van Natta Jr., +2 MoreJeanie contesting family's sale of stake in LakersLos Angeles Lakers1dRamona ShelburneSuns to install NBA's largest exterior video displayPhoenix Suns7hCity rejects proposed vote on Spurs arena fundingSan Antonio Spurs1dMichael C. WrightKarl-Anthony Towns and Jordyn Woods tie the knot in Malibu weddingNew York Knicks2dESPN staffJazz offseason recap and early season preview: Does Peterson's arrival end the rebuild?Utah Jazz13hNBA InsidersNBA offseason recap and early-season previews: Team-by-team primers11hNBA Insiders'The news shocked all of us': NBA execs, agents react to the Lakers getting flipped for $12.5 billionLos Angeles Lakers5dDave McMenaminNBA HOF week: Mike D'Antoni dishes on Nash, Kobe and LinsanityPhoenix Suns4dDave McMenaminNBA schedule 2026-27: Opening night, Christmas and must-see gamesLos Angeles Lakers5dESPNGrades for Schroder trade to Hornets (and more): Which team gets a B-?Atlanta Hawks4dZach KramNBA offseason buzz: Latest free agency and trade updates1dESPNFive Buss siblings 'united' in decision to sell Lakers sharesplayShelburne reveals what's behind Jeanie Buss' Lakers ownership battle (3:32) The Buss family reiterated their intention to sell their remaining shares in the Los Angeles Lakers, saying in a statement that five of the six members of the Buss trust are "united" in the decision. The statement comes in the wake of Jeanie Buss, the current governor of the team and the only sibling to abstain from the vote to sell, declaring her intention to contest her brothers and sister. "The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives," the Buss family said in a statement to ESPN's Shams Charania on Tuesday. "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." Last June, the Buss family made the decision to sell to Mark Walter at a valuation of $10 billion, a then-record for a U.S. professional sports franchise. Multiple Buss siblings, however, felt frustrated at Jeanie and misled by her over what they believe was a rushed sale, sources close to the process told ESPN. Those siblings felt pressured to vote "yes." Just over a year later, the team is being sold again to Josh Kushner and Bob Iger at a valuation of $12.5 billion. The Buss family is using a tag-along provision included in the initial sale to Walter as a way to join their remaining 17.8% shares in the team to the sale at the $12.5 billion valuation. All of the Buss siblings aside from Jeanie voted Monday to use the tag-along provision to sell. Kushner and Iger are purchasing approximately 65% of the franchise in their deal with Walter. With the shares from the Buss family, their ownership stake would be roughly 83%. "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," the family said in the statement. "We are confident they will honor everything this franchise stands for while building upon the foundation our father created." Jeanie Buss is contending that a court ruled in 2017 that no sale could be "effectuated without approval by the co-trustees, i.e. Jeanie, Janie and Joey Buss" -- meaning it would need her approval. In a letter sent to the siblings Monday, Jeanie's lawyer Adam Streisand demanded that the family "make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers" and "take no action on this supposed 'vote' to sell the 17.8% stake." If the sale of the remaining shares does go through, Jeanie would lose her status as governor of the franchise. She had a previous deal with Walter to remain as governor through 2030.

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Source: ESPN

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