Family Feud Over Team Control
Jeanie Buss has accused her siblings of working against her behind the scenes as a legal battle over the Los Angeles Lakers continues. In court papers filed this week, Jeanie said her brothers and sisters are trying to end her time as the governor of the team.
She believes her siblings are jealous because their late father, Dr. Jerry Buss, chose her to lead the franchise after his death in 2013. The ongoing dispute is heading toward a hearing in Los Angeles Superior Court on Dec. 8.
Her siblings want to sell the family's remaining shares to an ownership group that includes Bob Iger and Josh Kushner. That group is trying to buy the team from Mark Walter at a valuation of 12.5 billion dollars.
High Stakes and Court Orders
The Buss family currently holds a 17.82 percent stake in the team. That is just above the NBA minimum of 15 percent required for the family to keep control.
On Aug. 17, siblings Johnny, Jim, Janie, Joey, and Jesse voted to sell those remaining shares. Each sibling stands to make an extra 371 million dollars if the full sale goes through.
Jeanie is asking a judge to block the deal. She says her siblings must obey a 2017 court order that required co trustees Janie and Joey to always vote to keep her as controlling owner. She wants the court to remove Janie and Joey as co trustees, hold them in contempt, and make her brothers pay her legal fees.
Legal Arguments and Next Steps
The siblings have denied doing anything wrong. In an Oct. 16 court filing, they argued that Jeanie is putting her own desires ahead of the family and ignoring the rights given to them in the trust. Jeanie responded by saying her only goal is to follow the instructions left by her parents.
Settlement talks have taken place between both sides, but it remains unclear if any progress has been made before the Dec. 8 hearing.
Meanwhile, Mark Walter and Josh Kushner have agreed on terms for the sale of the team. Once a formal deal is signed, it will be reviewed by the NBA.
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