Los Angeles Lakers Governor Jeanie Buss has opposed the possibility of her family selling a stake in the NBA team, contradicting previous ESPN reporting on her family’s decision to sell to Bob Iger and Joshua Kushner.
In a letter obtained by CNBC to the law firm representing Jeanie Buss’ siblings (Jim, Johnny, Johnny, Joey, and Jesse), her attorney Adam Streisand said Jeanie Buss has not consented to the sale of the team and that any vote by the Buss family to suggest a sale “shall be null and void.”
In his letter, Streisand asserts that, pursuant to a 2017 court order, Jeanie Buss remains the Lakers’ controlling shareholder and no sale can be made without her consent.
“JAB Trust’s sale of its 17.8% interest in the Los Angeles Lakers, Inc. cannot be accomplished without the approval of the current co-trustees, namely Jeanie Buss, Janie Buss, and Joey Buss. “The trustee is obligated to vote the stock of Los Angeles Lakers, Inc. to ensure that a minimum 15% ownership requirement is maintained to ensure Jeanie Buss maintains control,” Streisand said in the letter.
“Any attempt by a co-trustee to do otherwise, or to aid or abet a co-trustee, constitutes a breach of trust, a breach of fiduciary duty, and a contempt of court,” he said.
Mr. Iger and Mr. Kushner agreed last week to buy Mark Walter’s majority stake in the Lakers. CNBC reported at the time that the deal valued the team at $12.5 billion. The Bass family’s stake meant the former Disney CEO and Thrive Capital founder would have approximately 83% ownership of the team overall, ESPN reported.
But Jeanie Buss has no intention of selling her family’s stake in the team at this time, according to the people, who asked not to be identified as the matter is confidential. In addition to retaining her role as governor, she wants to retain a stake in the team for value reasons, the person said.
Read the full letter from Jeanie Buss’ attorney.
This story is developing. Please check back for the latest information.
Correction: The previous headline for this story incorrectly identified one of the potential buyers of the Bass family’s stock in the Los Angeles Lakers.
