Five Buss Siblings Push $12.5 Billion Lakers Sale as Jeanie Fights Trust Authority
Updated
Updated · CNBC · Aug 27
Five Buss Siblings Push $12.5 Billion Lakers Sale as Jeanie Fights Trust Authority
3 articles · Updated · CNBC · Aug 27
Summary
Five of Jerry Buss’s six adult children want to sell the family’s remaining Lakers stake, while Jeanie Buss argues they lack legal authority under the family trust and is opposing the deal.
A “last man standing” clause appears to be driving the clash: when a sibling dies, that person’s equity shifts to surviving siblings rather than their children, creating pressure to sell during the siblings’ lifetimes.
Jeanie’s resistance also carries direct control implications, because a sale would cost her the Lakers governor role; her lawyer has argued the trust requires co-trustees Janie and Joey Buss to help keep her ownership above the NBA’s 15% minimum.
Trusts-and-estates lawyers told CNBC the dispute reflects a broader succession problem in family businesses, where equal economic splits and shared voting rights can fuel conflict as multigenerational wealth transfers accelerate.