Five of the six children of the late Lakers owner Jerry Buss voted on 17 August 2026 to sell the family's remaining 17.8% stake in the Los Angeles Lakers to Bob Iger and Joshua Kushner, the Los Angeles Times reported. The move would end a 47-year ownership role with one of sport's most storied franchises. But Jeanie Buss — the team's sitting governor — is challenging the vote through her attorney and says it has no legal force.
The family's ownership is held through the JAB Trust, which required a majority vote of four of the six siblings to authorise a sale. The New York Post reported that Jeanie did not vote to sell, while the other five siblings — Johnny, Jim, Janie, Joey and Jesse — did.
Jeanie's attorney, Adam Streisand, sent a letter to the siblings' lawyers declaring the vote void. CNBC reported that Streisand cited a 2017 court order stating that the trust's co-trustees — Jeanie, Janie and Joey Buss — must act jointly, meaning no sale can proceed without their collective approval. He warned that any attempt to push through the deal would constitute breach of trust, breach of fiduciary duty and contempt of court.
Jeanie Buss also has a direct personal stake in the outcome. Under National Basketball Association (NBA) rules, a team governor must hold at least 15% of the franchise. Selling the family's 17.8% stake would drop her below that threshold and could end her role as governor, CNBC reported. She had previously been guaranteed the governorship through at least 2030 under an arrangement with Walter.
The family dispute sits inside a broader and rapidly accelerating transfer of control. Days before the sibling vote, Iger and Kushner agreed to buy the controlling stake held by Mark Walter at a $12.5 billion franchise valuation — a record for a professional sports franchise. CNBC reported that if the Buss family sale is also completed, Iger and Kushner would own approximately 83% of the team. Patrick Soon-Shiong retains a separate minority stake and has indicated he intends to remain an owner, meaning the pair would not reach full control regardless.
Walter agreed to sell his controlling position roughly 14 months after his own group acquired the Lakers from the Buss family. The Los Angeles Times reported that the NBA ratified Walter's purchase in October 2025 at a then-record $10 billion valuation. Walter is currently under federal investigation for tax issues; the timeline for resolution of that inquiry is not known.
Neither deal is final. Both the Walter-to-Iger/Kushner transaction and the proposed Buss family sale require approval from the NBA Board of Governors. The New York Post reported the next board meeting is scheduled for mid-September 2026 in New York.
The Buss family's connection to the Lakers dates to 1979, when Jerry Buss bought the team, the National Hockey League's Los Angeles Kings and the Forum arena from Jack Kent Cooke for $67.5 million, according to US News. Whether Streisand's challenge can halt the sale — and how it will be resolved before the mid-September NBA vote — remains unknown.
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