Soon-Shiong Keeps 4% Lakers Stake as Buss Family Fights Over $12.5 Billion Sale
Updated
Updated · ESPN · Aug 20
Soon-Shiong Keeps 4% Lakers Stake as Buss Family Fights Over $12.5 Billion Sale
1 articles · Updated · ESPN · Aug 20
Summary
Patrick Soon-Shiong will keep his 4% Los Angeles Lakers stake, his family attorney said, backing incoming owners Bob Iger and Josh Kushner once their purchase from Mark Walter closes.
That decision further narrows Jeanie Buss' options as she contests five siblings' plan to sell the family's remaining 17.8% stake at the same $12.5 billion valuation paid in Walter's earlier deal.
A 2017 court ruling cited by Jeanie Buss' lawyer says any sale of the Buss family shares requires approval from co-trustees Jeanie, Janie and Joey Buss, setting up a legal fight over the transaction.
If the siblings sell and Jeanie is left with just under 3%, she would need about 12% more to meet the NBA's 15% threshold to remain acting governor; with Soon-Shiong out, Ed Roski Jr.'s roughly 3% is the only other minority block mentioned.