A high-stakes ownership dispute has erupted around one of the most valuable and recognizable franchises in global sports, the Los Angeles Lakers, as team governor Jeanie Buss moves to block her siblings from selling the Buss family’s remaining stake in the iconic NBA organization.
The conflict ignited last week, when a group led by former Disney CEO Bob Iger and Josh Kushner — brother of Jared Kushner, U.S. President Donald Trump’s son-in-law — reached a $12.5 billion agreement to purchase controlling interest in the Lakers from current majority stakeholder Mark Walter. That price tag would make the sale the most expensive team transaction in sports history if approved by the NBA Board of Governors next month, netting Walter a $2.5 billion profit on his 2025 acquisition of the stake.
When Walter purchased his initial share from the Buss family last year for roughly $10 billion, the deal included a binding provision that guaranteed Jeanie Buss would retain her position as Lakers governor through 2030. Since 1979, the Buss family has held either primary or minority ownership of the franchise, building one of the most successful legacies in professional basketball. On Monday, the majority of Buss family members announced they had voted to sell their remaining 17.8% stake to the Iger-led group, framing the move as a graceful exit after decades of stewardship.
“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the family’s statement read. “We love the Lakers, we love Lakers fans, and we will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”
But Jeanie Buss, who has served as Lakers governor since her father Jerry Buss — the original purchaser of the franchise — died in 2013, is not backing down from her fight to retain the family’s stake and her controlling ownership. Her attorney, Adam Streisand, has sent a formal letter to Jeanie’s five siblings, arguing the vote to sell is legally void. Under the terms of the Buss family trust, which holds the stake, approval from all three co-trustees — Jeanie, Joey Buss and Janie Buss — is required to approve a sale of this scale. Streisand also emphasized that trust rules require the family to maintain a minimum 15% ownership stake to preserve Jeanie Buss’ status as controlling owner, a requirement the proposed sale would violate.
According to ESPN, the letter states that any attempt by co-trustees to move forward with the sale “would be and is void,” and adds that pursuing the transaction would constitute “a breach of trust, breach of fiduciary duty and be in contempt of court.” The letter demands the siblings publicly reaffirm Jeanie Buss’ position as controlling owner and abandon all action related to the contested vote.
Jerry Buss first purchased the Lakers in 1979 for $67.5 million, a deal that also included the Los Angeles Kings NHL franchise and the Kia Forum arena. Following his 2013 death, ownership passed to his six children, who held full control until the 2025 sale of a majority stake to Walter, who also holds a stake in Major League Baseball’s LA Dodgers alongside Chelsea Football Club chairman Todd Boehly. Under Buss family ownership, the Lakers have claimed 11 of their franchise 17 NBA titles, just one title short of the league record held by the Boston Celtics. In 2020, Jeanie Buss made history as the first female controlling owner to lead an NBA team to a championship.
Kushner’s involvement in the current Lakers deal comes on the heels of recent controversy tied to the venture capitalist, who recently led his firm Thrive Capital in a failed proposal to sell stakes in FIFA competitions to private investors alongside FIFA president Gianni Infantino. The proposal, dubbed FIFA Forward Enterprise, was ultimately scrapped amid widespread backlash.
As the legal dispute unfolds, the NBA is set to consider approval of the majority stake sale next month, with the entire sports world watching to see how the Buss family conflict will reshape the future of one of basketball’s most legendary organizations.