Jeanie Buss Sues Siblings Over Lakers Stake Sale
Jeanie Buss Sues Siblings Over Lakers Stake Sale
The News
Lakers controlling governor Jeanie Buss has gone to court to stop her five siblings from selling the family's last 17.82% of the NBA franchise, arguing the sale would strip her of the control her father intended her to keep.
Attorneys for Buss filed a 97-page petition in Los Angeles Superior Court this week, the Los Angeles Times reported, accusing her brothers and sister of "devious behavior" for cutting her out of the deal talks. The Times reported the petition was filed Wednesday; the New York Post reported it was filed Monday.
The petition asks the court to declare the siblings' votes to sell void, to remove Janie and Joey Buss as co-trustees for breach of fiduciary duty, and to hold them in contempt — with Jim, Johnny and Jesse Buss held in contempt and liable for "aiding and abetting."
Timeline
Jerry Buss buys the Lakers for $67.5 million and runs the team as a family business, later hand-picking his daughter Jeanie to oversee it.
A court order following an earlier family fight installs Janie and Joey as co-trustees — replacing Jim and Johnny, who were ousted after trying to wrest control from Jeanie — and directs the co-trustees to "take all actions reasonably available to ensure that Jeanie is appointed and remains as the NBA controlling owner of the Lakers."
The Buss family trust accepts Mark Walter's offer at a $10 billion valuation, with Jeanie set to remain in the leadership role for at least four more seasons.
Walter sells the majority stake to former Disney chief executive Bob Iger and venture capital founder Joshua Kushner at a record $12.5 billion valuation — a 25% profit roughly 14 months after his own purchase offer was accepted.
Five Buss siblings move to sell the family's remaining 17.82% stake to Iger and Kushner. Jeanie's attorney demands a retraction of the family statement.
The five siblings say they are "united" in the decision and will "move forward thoughtfully, respectfully and through appropriate process."
Jeanie files the petition seeking to void the vote.
Reactions
"Jeanie thought she had put all of her siblings' scheming and manipulations behind her in 2017," the petition reads. "Sadly, that was not the case — and Jeanie must respectfully request relief from this Court a second time."
The filing says the family statement issued last week was "knowingly false," and that Jeanie "never agreed to any sale, was never consulted, and was never even informed."
The five siblings, in their Aug. 18 statement, said: "The Los Angeles Lakers have never been just a basketball team. They have been one of the greatest privileges of our lives. Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community."
According to the petition, minority owners Patrick Soon-Shiong — who owns 4% of the team and also owns the Los Angeles Times — and Ed Roski Jr. believe Jeanie is "the right person to continue as controlling owner and NBA governor of the Lakers."
What's Next
A court hearing to review the request is scheduled for Nov. 5, according to the petition.
The separate sale from Walter to Iger and Kushner is not expected to be affected by the family's legal fight, a source close to the matter told the Los Angeles Times.
More
The stake at issue is not just money. To remain on the NBA board of governors, Jeanie Buss would need to own at least 15% of the team — so selling the family's 17.82% would end her seat at the league's ownership table.
The petition argues that keeping the governor role enforces "her parents' intent" and protects the trustees' own strategy from less than a year ago: sell part of the team, keep enough to hold control, and ride "the continuously skyrocketing value." A franchise Jerry Buss bought for $67.5 million is now valued at $12.5 billion — and will have its third controlling owner in three years.
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