Family Feud Complicates Record Lakers Sale

Initial reports indicated that the Buss family had decided to sell their remaining 17.8 percent stake to new majority owners Josh Kushner and Bob Iger, sources told ESPN on Monday.

"As a family, we have decided to sell the remaining shares of the Buss family trust to Bob Iger's group as part of an ongoing transaction," a statement read.

"We love the Lakers and their fans and will continue to support them, but it's time to seize this opportunity to move forward and make a dignified exit while we still can."

However, if this deal were to go through, Jeanie Buss would no longer hold the necessary ownership percentage to remain the team's governor – NBA guidelines mandate a minimum 15 percent stake. Consequently, she opposed the move.

Her attorney, Adam Streisand, stated in a letter to her siblings that any vote on the proposed sale "was and is null and void," as such a decision requires her consent as a co-trustee of the family trust. 

Last June, the Buss family made the decision to sell a stake to Mark Walter at an estimated valuation of $10 billion, which at the time was a record for a professional sports franchise in the U.S.

The agreement with Walter allowed Jeanie to remain the franchise's governor until 2030.

Kushner and Iger are acquiring approximately 65 percent of the franchise as part of their deal with Walter. With the Buss family's shares, their ownership stake would amount to roughly 83 percent.

The sale will still require approval from the NBA Board of Governors, which could take some time.

The Buss family has owned the Lakers since Jerry Buss purchased the team from Jack Kent Cooke in May 1979. Under the leadership of Buss, and subsequently his children, the Lakers have won 11 NBA titles — the most recent in 2020.

VIDEO Novica Veličković: If you're righteous, basketball gives; if not, it takes away