Gini Bass spoke out against the sale of her family's stake in the Los Angeles Lakers
Los Angeles Lakers owner Jeanie Buss has spoken out against the possible sale of her family’s stake in the NBA team to former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner. CNBC reported this, citing a letter from her attorney, Adam Streisand, addressed to the law firms representing the Bass siblings.
In the letter, Strazand stated that Jeanie Buss did not consent to the sale of the team, and that any vote involving the sale of the Buss family’s stake “would be and is invalid.” The attorney argues that, pursuant to a 2017 court ruling, Buss remains the controlling shareholder of the Lakers, so the sale cannot proceed without her consent.
According to Strayzand, the sale of the 17.8% stake in Los Angeles Lakers, Inc. held by the JAB Trust requires the approval of the trust’s current co-trustees—Jeanie, Jenny, and Joey Bass. He also noted that the co-trustees must vote in a way that preserves the minimum 15% ownership requirement necessary for Jeanie Buss to retain her status as the club’s controlling owner.
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ESPN previously reported that the Bass family had decided to sell their stake to Iger and Kushner. Last week, Iger and Kushner agreed to purchase Mark Walter’s majority stake in the Lakers. According to CNBC, the deal valued the team at $12.5 billion. According to ESPN, the purchase of the Bass family’s stake would give Iger and Kushner a combined ownership stake of approximately 83% in the team.
A CNBC source familiar with the situation reported that Jeanie Buss currently wants to retain the family’s stake because of its value and to remain the team’s governor.
