Lakers Record $12.5B Sale Triggers Messy Buss Family Trust Dispute
The record-breaking $12.5 billion sale of a majority stake in the Los Angeles Lakers has triggered a severe legal battle within the Buss family, threatening the franchise's leadership structure.1 On August 26, 2026, Lakers controlling owner Jeanie Buss took her siblings to court, filing a 97-page petition in Los Angeles County Superior Court to block her five siblings (Jim, Johnny, Janie, Joey, and Jesse) from selling the family's remaining 17.8% stake in the team.
The dispute stems from the massive transaction finalized on August 12, 2026, where incoming majority owners Bob Iger and Josh Kushner acquired over 63% of the franchise from short-term owner Mark Walter. While five of the six Buss siblings voted in favor of selling the family's remaining minority stake to exit the franchise, Jeanie Buss is contesting the decision, arguing that the sale is legally void without her approval.
The Legal and Corporate Battle
Jeanie Buss's legal team, led by attorney Adam Streisand, argues that her siblings cannot legally execute a sale of the family trust's Lakers shares without her consent. Furthermore, she is calling for co-trustees Joey and Janie Buss to be removed from their positions for "breach of fiduciary duty." The petition argues that selling the stake now represents bad business because the Lakers are a growth asset with "continuously skyrocketing value."
Beyond the financial implications, the sale of the remaining 17.8% stake represents a direct threat to Jeanie Buss's leadership role. Under NBA and NFL ownership rules, a franchise governor must hold at least a 15% ownership stake in the team to qualify. If the Buss family's remaining stake is sold, Jeanie will lose her position as the Lakers' governor.
Iger and Kushner Await Approval
Despite the internal family squabble, the sale of the 63% majority stake to Bob Iger and Josh Kushner remains on track. The transaction is awaiting official approval from the NBA Board of Governors, with a vote scheduled during their September 15-16, 2026 meeting.
Both Iger and Kushner have expressed strong support for Jeanie remaining as the Controlling Owner. In an interview, Iger stated, "We have enormous respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise. And we have every intention to honor the agreement that was made between Mark and Jeanie." While the legal battle will not block Iger and Kushner from taking control of the franchise, it casts a long shadow over the Lakers' front office.
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An instance of Ten-billion-dollar sports valuations inevitably break the family trusts that historically governed them. — The historic multibillion-dollar transaction triggered an internal family dispute where siblings voted to liquidate their remaining trust stake against the governor's will. ↩︎