Anyone who's ever dealt with family trusts, or just family, knows things can get a little complicated. For the Buss family, owners of the Los Angeles Lakers, those complications are now playing out in L.A. Superior Court.
Five of the Buss siblings — Jimmy, Johnny, Janie, Joey, and Jesse Buss — filed a formal opposition on Wednesday to team governor Jeanie Buss's efforts to block the sale of the family's shares in the Lakers. In a statement, the siblings described Jeanie's petition as "legally and factually baseless."
The dispute centers on the family’s 17.82% stake in the team. The five siblings voted in August to include this stake in a larger sale from Dodgers controlling owner Mark Walter to Joshua Kushner and Bob Iger. This transaction values the entire franchise at $12.5 billion, which would make the Buss family's shares worth approximately $2.2 billion.
Jeanie Buss immediately voiced her opposition to her siblings’ vote, arguing that proceeding with the sale would breach the family trust. According to Jeanie, the trust dictates that she and her co-trustees, Janie and Joey, must take all reasonable actions to maintain her role as the controlling governor of the team annually for her lifetime. If the Buss Family Trust sells its remaining shares, Jeanie would no longer meet the NBA's requirement for governors to own at least 15% of the franchise, thus making her ineligible for the board of governors. Although the Buss family sold its majority ownership to Mark Walter in 2025 at a then-record $10-billion valuation, Jeanie was intended to remain the controlling governor for at least five years.
Jeanie and her legal team filed a petition in L.A. Superior Court about two weeks after her siblings cast their vote, contending that their plan was void.
The five siblings, however, assert that their formal opposition is a necessary step to protect their interests and ensure the transaction proceeds on schedule. They stated their focus remains on facilitating the proposed sale and the Trust’s participation in it, while making sure that all beneficiaries, including Jeanie, are treated equally. They also claim that Jeanie is trying to prevent the sale "in order to protect her own personal interests" and that her actions constitute a breach of her fiduciary duties as a trustee. The siblings believe their five votes to sell constitute a two-thirds majority of the living children, which they say, according to the trust, gives them the right to proceed with the sale and distribute the proceeds.
Discussions among the Buss siblings are ongoing regarding the fate of the Lakers shares. Meanwhile, L.A. Times owner Patrick Soon-Shiong has indicated he will not be selling his separate stake in the team.
