The Buss family says it is ready to walk away from the Los Angeles Lakers after 47 years.
Jeanie Buss, however, isn’t going quietly.
The Buss Family Trust has moved to sell its remaining 17.8 per cent stake in the Lakers to the incoming ownership group led by Bob Iger and Josh Kushner, which would bring an end to one of the most famous family ownership eras in professional sport.
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But in a stunning twist, Jeanie – the Lakers’ current governor – is opposing the sale and threatening to fight any attempt to force her out.
The development comes just days after Iger and Kushner agreed to purchase the controlling stake in the Lakers from Mark Walter in a record $12.5 billion deal.
That agreement would see the Iger-Kushner group acquire approximately 65 per cent of the franchise, with the addition of the Buss family’s remaining shares taking its ownership to around 83 per cent.
“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the family said in a statement.
“We 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.”
Jeanie, however, has made it clear she has not agreed to go along with the family’s plan.
Her attorney Adam Streisand said in a letter obtained by CNBC that Jeanie had not agreed to sell her stake and argued any vote attempting to force the transaction through “would be and is void”.
It raises the prospect of an extraordinary battle between Jeanie and her siblings over the final piece of the Lakers still owned by the Buss family.
ESPN reported four of the six members of the Buss Family Trust – comprising Jeanie, Jim, Johnny, Janie, Joey and Jesse – approved the execution of the sale.
NBA reporter Yaron Weitzman also reported that Jeanie’s five siblings sent signatures stating they wanted the family to sell its shares, potentially triggering a “tag-along” clause connected to the wider transaction.
Jeanie’s opposition could have significant ramifications beyond the ownership battle.
Selling the family’s remaining 17.8 per cent stake would also put her future as Lakers governor in serious doubt.
NBA rules require controlling owners or governors to own at least 15 per cent of a franchise, meaning Jeanie would no longer meet that threshold if the Buss family completely sells out.
Iger and Kushner had reportedly planned to honour Mark Walter’s previous commitment allowing Jeanie to remain governor through 2030 despite the change in majority ownership.
Whether that arrangement can survive the latest developments is now unclear.
The Buss family originally relinquished majority control of the Lakers in 2025 when it sold its controlling stake to Walter for $10 billion, while retaining a 17.8 per cent minority interest.
Walter’s purchase was the largest sale in professional sports history at the time, but that mark has already been eclipsed by his agreement to sell control of the Lakers to Iger and Kushner for $12.5 billion.
Should the Buss family’s remaining stake also be acquired, the new ownership group would control approximately 83 per cent of one of world sport’s most valuable franchises.
The transaction still requires approval from the NBA Board of Governors, while Kushner will also reportedly need to divest his minority ownership interest in the Miami Heat before taking over the Lakers.
If the sale of the remaining Buss shares proceeds, it will officially bring an end to the family’s ownership connection with the Lakers, which stretches back to Jerry Buss’ purchase of the franchise in 1979.
But while the family says it wants to “exit gracefully”, Jeanie Buss is making it clear she isn’t ready to surrender the final piece of the Lakers without a fight.