Jeanie Buss, the controlling owner of the Los Angeles Lakers, is actively opposing a proposed sale of the franchise to Bob Iger and Josh Kushner. Her legal representation asserts that any attempt to divest the family's ownership interest without her explicit consent is legally invalid.
The 'Void ab initio' claim by Adam Streisand
The legal battle centers on the authority of the controlling owner to block a divestment of family assets. According to the report, attorney Adam Streisand, representing Jeanie Buss, has stated that any vote by the Buss siblings to sell their stake in the Los Angeles Lakers without Jeanie Buss's approval would be Void ab initio—meaning it would be treated as if it never existed from the beginning.
Streisand's demand is clear: the prospective buyers must publicly acknowledge that Jeanie Buss remains the Controlling Owner of the Los Angeles Lakers. The legal team argues that Jeanie Buss never agreed to the sale, creating a significant hurdle for the acquisition attempt. This conflict highlights a deep rift in the family's management of the team's assets, as the legal challenge seeks to nullify any "supposed vote" to sell the family's remaining interest.
How a 17.8% stake determines the 83% majority
The financial architecture of the deal depends heavily on the JAB Trust, which holds a 17.8% ownership interest in the Los Angeles Lakers, Inc. As reported, Bob Iger and Josh Kushner are already in the process of purchasing approximately 65% of the Los Angeles Lakers from Mark Walter. If the JAB Trust's 17.8% share were added to this acquisition, Iger and Kushner would control roughly 83% of the franchise.
However, the JAB Trust is governed by a specific Court Order and trust guidelines. These rules mandate that the co-trustees—Jeanie, Janie, and Joey Buss—must vote their shares in a manner that ensures a minimum 15% ownership requirement is maintained. This specific threshold is designed to guarantee that Jeanie Buss remains the Controlling Owner. Any action by the co-trustees to deviate from this requirement would, according to the report, constitute a breach of fiduciary duty and contempt of court.
The $10 billion benchmark set by Mark Walter
The current valuation of the Los Angeles Lakers has reached unprecedented heights, making any ownership shift a massive financial event. Mark Walter previously purchased a controlling interest in the team from the Buss family last year, a transaction that established a record franchise valuation of approximately $10 billion.
Bob Iger and Josh Kushner, both of whom were involved in the Las Vegas expansion, have reportedly pitched an "aggressive offer" to Mark Walter to acquire his stake. This move reflects a broader trend of institutional and high-net-worth individuals treating legacy sports franchises as blue-chip assets. By targeting the Los Angeles Lakers, Iger and Kushner are attempting to pivot from expansion projects to the acquisition of one of the most storied brands in global sports.
The September 15-16 NBA Board of Governors meeting
Regardless of the internal family dispute, any change in the ownership structure of the Los Angeles Lakers must be ratified by the league. The NBA Board of Governors is scheduled to meet in New York on September 15-16, where the proposed sale would typically require approval.
Several critical questions remain unanswered as the meeting date approaches.. It is currently unclear which specific members of the Buss family, if any, are pushing for the sale against Jeanie Buss's wishes. Furthermore , the report does not disclose the exact dollar amount of the "aggressive offer" made by Bob Iger and Josh Kushner, nor has it been confirmed if Mark Walter has formally agreed to the terms of the 65% transfer. Until these points are clarified, the path to an 83% majority remains legally blocked by the JAB Trust's mandates.
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