The Los Angeles Lakers, owned by the Buss family for nearly five decades, may soon change hands after a group of investors—including former Disney CEO Bob Iger and Joshua Kushner, brother of former White House senior adviser Jared Kushner—submitted a $12.5 billion purchase offer. The deal would set a new record for a sports franchise, but it has also ignited a dispute over the family trust that holds the team.
Family trust at the center of the fight
Jerry Buss bought the Lakers in 1979 and placed his ownership shares into a trust for his six children. Under the trust, Jeanie Buss became the controlling owner and the NBA’s “governor” after her father’s death in 2013. The trust also named three of the siblings—Jeanie, Janie and Joey Buss—as co‑trustees, giving them legal authority over the assets.
In 2025 the Buss siblings sold a majority stake to businessman Mark Walter in a transaction that valued the team at $10 billion, retaining a 17.8 percent share. The agreement allowed Jeanie Buss to stay on as governor until 2030. Walter has now agreed to sell his portion to the Iger‑Kushner group, but the NBA must still approve the sale.
Jeanie Buss vs. her siblings
Jeanie Buss says she is not willing to sell the remaining family stake, arguing that the trust’s provisions require trustees to do everything possible to keep her as the controlling owner for her lifetime. Her attorney points to a 2017 California court order that reaffirmed her controlling role.
Her five siblings, however, appear ready to sell. They argue that the trust permits trustees to act by majority vote, and that a 2025 “tag‑along” provision allows the trust to sell its interest at the same valuation as Walter’s share. Since the proposed $12.5 billion price exceeds the 2025 valuation, they claim the sale aligns with the trust’s terms.
What could change for the Lakers?
If the remaining 17.8 percent is sold, Jeanie Buss would likely lose her governor position because NBA rules require a governor to own at least 15 percent of the team. Losing that role could shift the Lakers’ day‑to‑day decision‑making to the new ownership group.
The outcome hinges on the specific language of the trust, the 2025 agreement, and the 2017 court order—none of which are public. Legal scholars note that disputes like this are common when multiple heirs share ownership of high‑value assets, especially when some heirs serve as both trustees and beneficiaries.
Broader context of family‑owned sports franchises
The Buss saga mirrors other recent trust battles. The Denver Broncos remained under family trust control until 2022, when sibling disagreements forced a sale. Similar conflicts arose with the Los Angeles Chargers in 2021 and the Baltimore Orioles in 2022, each highlighting how equal ownership can lead to public legal fights.
For estate planners, the lesson is clear: giving several heirs equal shares does not guarantee harmonious management. Clear provisions about control, voting rights, and sale triggers are essential, especially for assets as valuable and public as professional sports teams.
What’s next?
The NBA’s board of governors must review and approve any sale. Meanwhile, the Buss family’s internal legal battle will likely proceed in California courts, where the trust was created. The resolution will determine whether the Lakers remain under Buss family stewardship or become part of a new, billionaire‑led ownership group.
Original reporting: KTBS 3 (Shreveport) — read the source article.
