Buss Family Divests from Lakers Amid Ongoing Family Dispute

The Buss family has officially announced their decision to sell their remaining 17.8% stake in the Los Angeles Lakers, concluding nearly five decades of ownership. This move comes as part of a larger $12.5 billion transaction involving the sale of the franchise to Bob Iger and Josh Kushner, as reported by ESPN's Shams Charania.

In a statement released by the family, they expressed their love for the Lakers and their fans, stating, "It is time to use this opportunity to move on and exit gracefully while we still can." However, Jeanie Buss, the team's governor and the most prominent figure in the franchise's ownership since her father Jerry Buss passed away in 2013, did not endorse this statement or the sale agreement.

Jeanie Buss, through her attorney Adam Streisand, has declared the reported sale "void," asserting that any transaction involving the Buss stake requires her approval. The letter indicated that the sale lacks the necessary consent from all co-trustees, including Jeanie, Janie, and Joey Buss, which has led to a significant family feud.

The Buss family's history with the Lakers began with Jerry Buss, who transformed the franchise into a global sports powerhouse after acquiring it in 1979. Under his ownership, the Lakers achieved remarkable success, including multiple championships and significant contributions to the NBA's growth.

While the family has enjoyed a storied legacy, the current situation highlights the complexities and challenges they face, as legal disputes and disagreements continue to unfold among Jerry Buss's six children.