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Jeanie Buss is opposing the pending sale of her family’s stake in the Lakers to Bob Iger and Joshua Kushner, arguing that a sale can’t happen without her approval.
In a letter obtained by the Califorina Post addressed to law firms representing her five other siblings as part of the Buss family trust (Jim, Johnny, Janie, Joey and Jesse) – Jeanie Buss’ lawyer, Adam Streisand, stated Jeanie didn’t agree to sell the team and that any vote of the Buss family selling would be “Void ab initio” (void from the beginning).
She also filed paperwork to stop the sale with the Superior Court of Los Angeles Central District.
Los Angeles Lakers president Jeanie Buss sits in the stands prior to an NBA basketball game between the Lakers and the Boston Celtics in Los Angeles on Saturday, March 4, 2017. A battle over control of the Lakers is over after an agreement was reached to have Jeanie Buss serve as controlling owner of the storied NBA franchise. (Copyright 2017 The Associated Press. All rights reserved.) AP“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,” Streisand said in the letter.
“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. 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.
The letter added: “On behalf of Jeanie Buss, I demand that your clients make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers and that your clients shall take no action on this supposed “vote” to sell the 17.8% stake.
This story will be updated.
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