What Jeanie Buss court order means for familys attempt to sell Lakers

The state of the Lakers’ ownership continued to more turns.It was just last week when Mark Walter agreed to sell his share in the franchise to Josh Kushner and Bob Iger at a historic valuation of $12.5 billion – just 10 months after Walter officially became the Lakers’ majority owner. This week, it appeared the Buss family voted to sell their remaining 17.8% share of the Lakers to Kushner and Iger.Not so fast.Lakers Governor Jeanie Buss is opposing her siblings’ vote to sell the family’s share of the Lakers, according to a letter from her lawyer, Adam Streisand.The letter, obtained by the California Post on Monday, argued her siblings can’t legally execute a sale without her approval and that any vote of the Buss family selling would be “void.”Her siblings who are part of the Buss family trust (Jim, Johnny, Janie, Joey and Jesse Buss) fired back at Jeanie on Tuesday, making it clear they intend to go through with the sale.But how did the Lakers, and the Buss family get here? And what exactly are the two sides arguing? At the heart of Buss opposing her siblings’ vote to sell their share of the Lakers is a 2017 court order, with Streisand saying that no sale could happen “without approval by the co-trustees, i.e.

Jeanie, Janie and Joey Buss.”Jeanie didn’t vote to sell the family’s ownership stake in the Lakers, while the other five siblings in the trust did.The court document from 2017 stated that the co-trustees of the Buss family trust are instructed to take all “actions reasonably available to them, including voting the Trust’s shares” to ensure that Jeanie was elected as the Director of the Board of the Lakers on an annual basis during her lifetime.The document goes on to state “absent a further order of this Court modifying the Trust based upon proof of circumstances justifying modification under applicable law.”The document also added that the co-trustees of the family trust are “instructed to take all actions [reasonably...