By admin 
The Los Angeles Lakers’ ownership changed hands for the second time in 14 months. After the Buss family sold a majority stake to Mark Walter at a $10 billion valuation, Walter later flipped it to Josh Kushner and Bob Iger for $12.5 billion.
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For a brief couple of hours, news circulated that the Busses were ready to turn over a new leaf and hand over the remaining 17.8 percent of their shares to the new owners. That is, until Jeanie Buss caught wind of the sale and attempted to stop the transaction in its tracks.
Not so fast
In a letter first obtained by CNBC’s Alex Sherman, Buss opposed the decision of her siblings to sell their remaining Purple & Gold shares. Jeanie contends that the transaction is void, citing a 2017 court ruling that she remains the controlling shareholder, and that supersedes any voting done by her kin.
Big breaking news:
I’ve obtained a letter from Jeanie Buss’s lawyer to the lawyers of her siblings demanding any vote to sell the team is “void” and reiterating that she’s the controlling shareholder — which trumps any “vote.”
Story developing …https://t.co/TxJGaLX2zn
— Alex Sherman (@sherman4949) August 17, 2026
“No sale of the JAB Trust’s 17.8% ownership interest in the Los Angeles Lakers, Inc. can be effectuated without approval by the current co-trustees, i.e., Jeanie, Janie and Joey Buss. Pursuant to the JAB Trust and the attached Court Order, the co-trustees are bound to vote the Los Angeles Lakers, Inc. shares to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner,” Jeanie’s lawyer, Adam Streisand, wrote in the letter.
“Any attempt by the co-trustees to do otherwise, and any attempt to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court,” he continued.
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The family, through ESPN, stated on Monday that the sale of the Buss Family Trust shares to the Iger group is an “opportunity to move on and exit gracefully while we still can.”
Therein lies the rub. According to the 2017 court ruling, the five siblings who voted to sell the remaining shares “are bound to vote … to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner. Any attempt by the co-trustees … to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”
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End of an era?
Whatever happens with the sale or not, it’s mighty clear that the Buss era in Tinseltown is coming to a close. The previous sale of the Lakers to Walter included the agreement that Jeanie would remain the governor until 2030. That means, whether she likes it or not, the eldest Buss kid had to let it go sooner rather than later.
In the meantime, Jeanie is still in the picture, and she’s the only person standing between the Busses’ “graceful exit” from the Lakers organization. The remaining shares may have a new home waiting, but Jeanie is not ready to hand them over yet without a fight.
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Related: Buss family agrees to sell remaining Lakers ownership stake
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This story was originally published August 18, 2026 at 6:37 AM.