The Los Angeles Lakers, a 17-time NBA champion franchise, are at the center of a high-stakes ownership battle. The Buss family, which has owned the team since 1979, is divided over the potential sale of their remaining stake to a group that includes former Disney CEO Bob Iger and Joshua Kushner brother of Jared Kushner. The proposed deal, valued at a record-breaking US$12.5 billion has sparked a legal and familial dispute that could redefine the team’s future.
The controversy stems from the late Jerry Buss’s estate planning, which aimed to keep the team within the family. However, the complex structure of the family trust has led to conflicting interpretations and legal challenges. Jeanie Buss, who has served as the team’s governor since her father’s death in 2013, is opposed to the sale, while her five siblings are reportedly ready to sell their stakes.
The Buss Family Trust and Succession Plan
The Buss family’s ownership of the Lakers is managed through a family trust established by Jerry Buss. This trust designates Jeanie Buss as the controlling owner and governor of the team, a role that requires her to hold at least a 15% ownership stake. The trust also includes provisions to ensure her continued control over the team’s operations.
In 2026, the Buss siblings sold a majority stake in the Lakers to businessman Mark Walter in a deal that valued the team at $10 billion. However, they retained a 17.8% share, with Jeanie Buss set to remain as governor until 2030. Walter has now agreed to sell his share to the Iger-Kushner group, pending NBA approval.
The Legal Battle Over the Lakers’ Future
The dispute centers on the interpretation of the family trust and the conditions under which the remaining stake can be sold. Jeanie Buss’s attorney argues that the trust requires the trustees to ensure she remains the controlling owner for her lifetime. This position is supported by a 2017 California court order that reaffirmed her control over the team.
However, her siblings may counter that the trust permits the trustees to act by majority vote, which they appear to have done. The 2026 deal with Walter also included a ‘tag-along’ provision that would allow the trust to sell its interest for the same valuation as Walter. The siblings may argue that the currently proposed sale is exactly what was contemplated in the tag-along provision because it exceeds the 2026 valuation.
The Broader Implications of Family-Owned Sports Teams
The Buss family’s drama highlights the complexities of managing a professional sports team as a family-owned asset. Similar disputes have arisen with other franchises, such as the Denver Broncos and the Baltimore Orioles, where family trusts have been unable to resolve internal conflicts. These cases underscore the importance of clear estate planning and the potential for public disputes when multiple heirs share ownership.
For the Buss family, the outcome of this legal battle could determine the future of a basketball dynasty. The Lakers, with their rich history and dedicated fan base, represent more than just a financial asset; they are a legacy that the family must navigate carefully. As the NBA’s board of governors reviews the proposed sale, the Buss family’s internal conflict continues to play out, with significant implications for the team’s future.
