LOS ANGELES — In the latest chapter of the lingering battle between Lakers governor Jeanie Buss and her attempt to stop her siblings from selling their remaining 17.8% stake in the Lakers, her five siblings filed a formal response in court on Wednesday in opposition to their sister, arguing that Jeanie does not have the right to block the deal.
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Jimmy, Johnny, Janie, Joey and Jesse Buss had not released a statement since Jeanie Buss and her legal counsel filed a petition on Aug. 24 asserting that the siblings had violated the Buss Family trust by voting 5-0 to use their tag-along rights to Joshua Kushner and Bob Iger’s pending purchase of the franchise at a $12.5 billion valuation – and that Jeanie Buss shall remain “controlling owner” of the Lakers.
Being governor of the Lakers – or any NBA franchise for that matter – requires holding at least 15% of ownership in the team. Jeanie Buss represented the Lakers at the NBA’s Board of Governors meeting in September in New York City.
A court hearing is scheduled for Dec. 8 in Los Angeles Superior Court. The NBA Board of Governors next meets in November.
“Jimmy, Johnny, Janie, Joey and Jesse Buss, the five of six siblings who voted to sell the Trust’s shares in the Lakers, today filed their formal opposition, demonstrating that Jeanie Buss’s petition is legally and factually baseless …,” the Buss siblings, sans Jeanie, said in a statement to the Southern California News Group on Wednesday.
“While discussions among the siblings continue, their focus remains on facilitating the proposed transaction and the Trust’s participation in it, while ensuring that all beneficiaries, including Jeanie, are treated equally. Today’s filing is a necessary step to protect those interests and ensure the transaction proceeds on schedule.”
Wednesday’s court filing, obtained by SCNG, argues that because two-thirds of living trustees voted to sell the 17.8% stake, that the trust should therefore be terminated.
“Jeanie’s efforts by the Petition to avoid this inescapable conclusion for her own self-interested reasons are contrary to the Trust Agreement’s express terms, constitute a breach of her fiduciary duties as a trustee, and must be rejected,” the filing states.
Jeanie Buss’ attorney, Adam Streisand, argued in the August petition that the 5-0 vote that the siblings made was invalid – and that she “never agreed to any sale, was never consulted, and was never even informed.” Streisand did not return request for comment as of Wednesday evening.
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The motion also calls for Janie and Joey – the other two trustees alongside Jeanie – to be held in contempt of court and be removed as trustees, while also requesting that Johnny, Jimmy and Jesse also be held in contempt of court for having “aided and abetted” their trustee siblings.
Everything comes back to the family’s trust – and what followed after the death of Dr. Jerry Buss in 2013, and his decision to select Jeanie Buss to run the Lakers. Jerry Buss bought the team in 1979 and the Buss Family trust continued to own the team until October 2025 when Dodgers owner Mark Walter officially purchased the franchise at a $10 billion valuation.
As part of the Walter transaction, per Wednesday’s filing, Jeanie Buss and Walter entered into a letter agreement that stipulated that she would remain team governor for five years, as well as becoming an alternative governor thereafter if she or her “affiliated entities” held at least 5% of ownership of the Lakers.
Jeanie Buss’ status as “controlling owner,” and how it’s described in the Buss family trust, is the heart of her case to retain the 17.8% stake in the team. Buss would have to relinquish her role as team governor should the stake she is attached to drop below 15%.
Even if Jeanie Buss was correct, Wednesday’s filing argues, the beneficiary respondents – Jimmy, Johnny, Janie, Joey and Jesse – could vote to terminate the trust, and then the trustees would have to redistribute the stakes equally between the siblings, who could then sell them.
“Jeanie’s argument is at most a meaningless academic exercise,” the filing states.
Their Buss Family stake, accounting for the $12.5 billion valuation, would be worth about $2.2 billion.
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