Jeanie Buss, the governor of the Los Angeles Lakers, is in a legal battle with her siblings over the sale of the team's remaining shares. The dispute centers around a tag-along provision, which grants the family the right to join any sale and valuation secured by Mark Walter, the current owner. This provision was included in the agreement with Walter, who sold his shares to Josh Kushner and Bob Iger for $12.5 billion. Jeanie Buss, who was set to remain the controlling owner for five years, has been the lone sibling abstaining from the vote to sell the team. Her lawyer, Adam Streisand, argues that a 2017 court ruling mandates that no sale can be executed without the approval of the co-trustees, including Jeanie, Janie, and Joey Buss. This ruling effectively gives Jeanie Buss the power to veto any sale, as the co-trustees must maintain a minimum 15% ownership requirement to ensure her control. The situation has raised questions about the family's unity and the future of the Lakers franchise, with some sources suggesting that the vote to sell was prompted by an emergency meeting called by Lakers VP of finance, Joe McCormack, to discuss the dissolution of the family trust and the locking down of all family shares for four years under a new trust. The outcome of this legal battle will significantly impact the Lakers' future ownership structure and the team's direction.
