Topline
Jeanie Buss on Monday said she opposed her siblings’ plan to sell their remaining minority stake in the Los Angeles Lakers to Josh Kushner and Bob Iger, dismissing reports that the whole family had agreed to the transaction a week after Kushner and Iger agreed to purchase the Lakers for $12.5 billion from billionaire Mark Walter last week.
Key Facts
In a letter sent to law firms representing her siblings, Jeanie Buss’ lawyer said she has not agreed to sell the family’s stake in the Lakers and any vote conducted on the matter “would be and is void,” CNBC first reported.
The letter also called out ESPN’s report on the matter as false and accused Buss’ siblings, Joey and Jesse Buss, of leaking “false, defamatory and pernicious ‘information’” to the outlet’s reporter Shams Charania.
In the letter, Buss’ lawyer cites a 2017 Los Angeles Superior Court order noting that Jeanie Buss is the “controlling owner” of the team and claims that any attempt to sell the family’s stake without her consent would be contempt of court.
The reports about the Buss family’s stake comes a few days after Lakers owner Mark Walter suddenly agreed to sell the team to Kushner and Iger last week amid a federal fraud investigation, giving them a roughly 65% stake in the team.
If the Buss family were to push through with the sale of their remaining stake to Kushner and Iger, the two will have a combined stake of around 83%.
what did earlier reports about the sale say?
The ESPN report called out by the letter said the Buss family will sell their 17.8% stake to two new principal owners of the franchise. The report noted that as a result of the sale Jeanie Buss would lose her role as the team governor under NBA rules requiring owners/governors to own at least 15% of a team. The Athletic reported that a vote on the matter was held last week by the Buss family trust, which is made up of former Lakers owner Jerry Buss’ six children. The report said Jeanie Buss, Janie Buss and Joey Buss will be responsible for enacting the actual sale.
Big Number
$10 billion. That is how much Forbes estimated the Lakers’ value at in January, when the team ranked No. 18 on Forbes’ list of the world’s most profitable sports teams.
Key Background
Walter, who is the controlling owner of the Los Angeles Dodgers and the Los Angeles Sparks, agreed to sell the Lakers to Kushner and Iger last week for $12.5 billion just 14 months after he purchased the team when it was valued at $10 billion. Federal investigators are probing whether insurance firms owned by Walter improperly funnelled money to other companies of his. The timing of the investigation and his sale of the Lakers provoked conspiracy theories claiming the federal inquiry may have benefited Kushner, who is the brother of President Donald Trump’s son-in-law Jared Kushner. Sports team owners typically keep or stay in business with their teams for decades, further fueling speculation around Walter’s decision to sell. Amid concerns that Josh Kushner, a Democrat, was benefiting from his link to the president, the White House said he “has nothing to do with President Trump or his administration.”
Further Reading
Why Mark Walter—Facing Federal Scrutiny And Trump Conspiracy Theories—May Have Sold The Lakers (Forbes)
Mark Walter May Sell Chelsea Stake After Sudden Lakers Sale, Report Says (Forbes)