{"id":5494,"date":"2026-08-18T14:12:18","date_gmt":"2026-08-18T14:12:18","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5494"},"modified":"2026-08-18T14:12:18","modified_gmt":"2026-08-18T14:12:18","slug":"the-buss-family-wants-an-exit-gracefully-jeanie-buss-says-no","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5494","title":{"rendered":"The Buss family wants an \u2018exit gracefully.\u2019 Jeanie Buss says no"},"content":{"rendered":"<div>\n<p>ESPN and The Athletic first reported that the siblings had voted to sell the family trust\u2019s remaining interest in the 17-time NBA champion team purchased by their father, Jerry Buss, in 1979. The decision would end Jeanie Buss\u2019 tenure as the Lakers\u2019 governor because that job requires at least 15% ownership of the team.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=5492\">Home Depot rides America\u2019s housing affordability problem to sales increase on home DIY projects<\/a><\/p>\n<p>Jeannie Buss\u2019 attorney, Adam Streisand, wrote to representatives for her five siblings to state that any decision to sell the family trust\u2019s ownership stake could not be \u201ceffectuated without approval of the current co-trustees, Jeanie, Janie and Joey Buss.\u201d<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>The letter further states that the co-trustees \u201care 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. Any attempt by the co-trustees to do otherwise, and any attempt to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.\u201d<\/p>\n<p>Jeanie Buss has been the Lakers\u2019 governor since Jerry Buss\u2019 death in 2013, and she led the family\u2019s decision to sell a controlling stake in the Lakers\u00a0to Dodgers owner Mark Walter\u00a0last year at a valuation of $10 billion. Walter, who is under federal investigation for tax issues, abruptly reached a deal earlier this month\u00a0to flip the Lakers to Kushner and Iger\u00a0at a valuation of $12.5 billion, another record for a pro sports team.<\/p>\n<p>Venture capitalist Kushner\u00a0and former Disney CEO Iger are reportedly buying about 65% of the team from Walter. They would own about 83% if they reach a deal with the Buss siblings \u2014 and Jeanie Buss would lose the governor role that she had been slated to keep at least through 2030 under the deal with Walter.<\/p>\n<p>The Buss siblings have been in frequent conflict since their father\u2019s death, with\u00a0Jeanie firing Jim\u00a0from his job as the Lakers\u2019 head of basketball operations in 2017, followed a week later by a lawsuit against her brothers amid an attempt by Jim and Johnny to oust Jeanie from her role as the Lakers\u2019 controlling owner.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Not all of the six Buss siblings were in favor of the sale to Walter, and\u00a0Joey and Jesse were fired\u00a0from their front-office jobs with the team last November.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=5490\">Meet OpenAI\u2019s ChatGPT for Teens, which doesn\u2019t talk about sex or suicide and gives you homework help instead<\/a><\/p>\n<p>The siblings say they voted this month to sell their family\u2019s remaining interest in the Lakers, but Jeanie Buss claims any vote is void. ESPN reported that Jeanie Buss was the only sibling who didn\u2019t support the final sale.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>\u201cWe have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,\u201d the Buss family said in a statement. \u201cWe love the Lakers, Laker fans and will continue to support Los Angeles, but it is time to use this opportunity to move on and exit gracefully while we still can.\u201d<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>In his letter, Streisand said Joey and Jesse Buss have leaked information to ESPN for many years \u201cfor the malicious purpose of doing harm to the Los Angeles Lakers so long as Dr. Buss\u2019s chosen successor, Jeanie Buss, carries out her father\u2019s wishes.\u201d<\/p>\n<div>\n<div><\/div>\n<\/div>\n<div>\n<div><\/div>\n<\/div>\n<p>Jerry Buss was a chemist and real estate investor who bought the Lakers, the NHL\u2019s Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million. The Lakers quickly entered a renaissance in which they became known for their flashy \u201cShowtime\u201d style of play while winning five NBA titles between 1980 and 1988 behind Magic Johnson and Kareem Abdul-Jabbar.<\/p>\n<p>While the NBA and professional sports became increasingly more corporate, the Lakers remained essentially a family business despite their massive profile and steady success. Jerry Buss and the Lakers have employed many of the basketball world\u2019s greatest players and coaches of the past five decades, and Kobe Bryant led the Lakers to five additional championships between 2000 and 2010 before LeBron James added the 17th in 2020.<\/p>\n<p>The sale agreement with Kushner and Iger still must be approved by the NBA\u2019s board of governors, and the process could take months.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=5488\">Financial adulthood has moved to the 30s: \u2018the decade when people come to terms with where they are in life\u2019<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A planned sale of the family\u2019s 17.8% stake to Bob Iger and Josh Kushner would take Jeanie Buss below the NBA\u2019s 15% governor threshold.<\/p>\n","protected":false},"author":1,"featured_media":5493,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"class_list":["post-5494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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