Lakers’ Jeanie Buss ‘contesting’ family’s vote to sell to Kushner, Iger
The Lakers governor is resisting attempts to sell family’s minority share to new owners Bob Iger and Josh Kushner, according to reports.
Save
Lawyer Adam Streisand replied on Jeanie’s behalf later on Monday, with a letter obtained by CNBC and ESPN addressed to siblings Jim, Johnny, Janie, Joey and Jesse Buss. He argued that a court ruled in 2017 that any sale of the Lakers required approval from the cotrustees, Jeanie among them.
Advertisement
“Pursuant to the JAB Trust and the attached Court Order,” Streisand added. “The cotrustees are bound to vote the Los Angeles Lakers, Inc shares to ensure that the minimum 15 percent ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner.”
“Any attempt by the cotrustees to do otherwise, and any attempt to aid or abet the cotrustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”
Jeanie took over as the governor in 2013 following her father’s death.
Walter, the CEO and chair of diversified holding company TWG Global, owns MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. He is under federal investigation for alleged tax fraud involving four of his other business interests.
Should the sale go through, Iger and Kushner will own approximately 83 percent of the Lakers.
The NBA Board of Governors, which must approve this sale, does not meet until September 15-16 in New York.