Lakers Family Drama: Buss Siblings Dispute Sale Amid Legal Scrutiny
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The Lakers have 17 NBA titles, 11 of which have come under the Buss family's ownership, but the six siblings have been in frequent conflict since their father Jerry's death, with Jeanie firing Jim from his job as the Lakers' head of basketball operations in 2017, followed a week later by a lawsuit against her brothers amid an attempt by Jim and Johnny to oust her as the Lakers' controlling owner.
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BBC SportPublished Los Angeles Lakers governor Jeanie Buss is trying to block her siblings' sale of her family's remaining stake in the NBA franchise.
SB NationThe Lakers finally thought they were out of this mess when Walter bought the team last year. The backstabbing between the Buss siblings had been legendary since their father died. Jeanie fired her brother Jim Buss in 2017 and replaced him with Magic Johnson as team president. Jim and his brother Johnny Buss then unsuccessfully tried to overthrow Jeanie by kicking her off the board of directors, but it went against the terms of the trust. Jeanie responded by filing a restraining order against her brothers. The end result was that Jeanie would serve as the controlling owner as long as the family owned the Lakers. Jeanie blessed the sale to Walter a year ago under the condition that she would have a few years left as governor.
ESPNFive Buss siblings 'united' in selling Lakers shares Five of the six members of the Buss trust say they are "united" in their intention to sell their remaining shares in the Lakers, despite pushback from Jeanie Buss.
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The consortium led by Amit Bhatia and including the Amazon founder Jeff Bezos was believed to have bought 30% to one-third of Liverpool when the deal was announced on Friday. However, the agreement is for 38% of the Anfield club, meaning 1892 has paid FSG just over £2bn to become a minority shareholder. The increased stake, first reported by the Athletic, still values Liverpool at about £5.5bn.
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BBC SportPublished A consortium including Amazon founder Jeff Bezos bought close to 40% of Liverpool from Fenway Sports Group (FSG).
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Walter is being investigated by the US Department of Justice over $21bn in loans which it has been alleged were not disclosed to state insurance regulators, which has led to the sudden sale of assets to pay down some of the loans. Walter last week sold the Los Angeles Lakers to Josh Kushner and Bob Iger for $12.5bn just a year after buying the NBA franchise for $10bn, leading to speculation that the 66-year-old may also seek to exit Chelsea.
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SB NationLakers fans thought they had a dream ownership situation when Walter agreed to buy the team a year ago. He had been a terrific owner for MLB’s Los Angeles Dodgers, spending a record amount of money on contracts that helped the team win the last two World Series. It appears that Walter’s empire started to crumble when the DOJ began breathing down his neck for loan fraud related to the Lakers purchase. Now he’s also in talks to sell his shares of English football powerhouse Chelsea. Walter needs to get liquid quickly, and it’s hard to beat cashing out an investment that makes you $2.5 billion in under a year. That’s what he originally bought the Dodgers for back in 2012.
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An exit would coincide neatly with Boehly’s five-year tenure as Chelsea chair coming to an end at the conclusion of this season and a representative from Clearlake ready to fill his place. If a sale is agreed, Eghbali and Feliciano will have full control – and no one else to blame if things don’t improve.
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"We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction," the statement read.
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Sky SportsThe Buss family released a statement on Monday, saying: "We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction.
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Jeanie's lawyer Adam Streisand said in a letter to her five siblings that any vote for a sale "would be and is void" because her approval as one of three co-trustees, along with siblings Joey and Janie Buss, is needed for such a move.
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Sky SportsBut Jeannie Buss' attorney, Adam Streisand, wrote to representatives for her five siblings to state that any decision to sell the family trust's ownership stake "would be and is void", according to ESPN.
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"Co-trustees are bound to vote to ensure that the minimum 15 per cent ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner," the letter is reported to have said.
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BBC Sport"Co-trustees are bound to vote to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner," the letter said, according to ESPN, external.
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The Buss family drama should have ended when the siblings agreed to sell the franchise to Mark Walter for $10 billion last year. Only one problem: that sale included a provision that said Jeanie Buss would continue to serve as the team’s governor for five years. That seemed like a pretty sweet deal for Jeanie until Walter turned around and flipped the franchise to Josh Kushner and Bob Iger earlier this month for $12.5 billion. Jeanie’s place with the franchise going forward seemed to be in peril after that deal, and it got even weirder on Monday.
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BBC SportWalter bought his share from the Buss family last year for about $10bn (£7.45bn) in a deal that ensured Jeanie remained as governor until 2030.
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The NBA was verging on being a failing business when Jerry Buss bought the Los Angeles Lakers from Jack Kent Cooke in 1979 for $67.5 million. Pro basketball only had a small television footprint at the time, attendance was falling, teams were claiming to lose money, and the league couldn’t untangle itself from the perception that its players would rather do an eight ball than dive for loose balls. The NBA’s meteoric rise over the next 20 years happened for a variety of reasons, but the story of its success goes hand-in-hand with Buss turning the Lakers into arguably the premier franchise in American sports.
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BBC SportJerry Buss bought the Lakers in a $67.5m deal (£50m) in 1979 that included the Los Angeles Kings hockey team and a Los Angeles arena that is known as the Kia Forum.
5 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 CBS Sports The Boston Celtics have spent the past two summers shaking up their roster after winning the 2024 NBA championship, but while they've moved on from some important pieces, their biggest move came this July when they traded Jaylen Brown to the rival Philadelphia 76ers for Paul George and picks.
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02 The Guardian Sport 1892 Holdings, the new investor in Liverpool, has first refusal to become the majority shareholder in the next 12 months should Fenway Sports Group decide to sell.
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03 Sky Sports Kushner and Iger are reportedly buying about 65 per cent of the team from Mark Walter, who also owns a stake in baseball's Los Angeles Dodgers along with Chelsea chairman Todd Boehly. They would own about 83 per cent if they also reach a deal with the Buss family.
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04 BBC Sport The group - named after Liverpool's founding year - is led by British-Indian millionaire businessman Amit Bhatia and also includes Bezos and billionaire Facebook co-founder Eduardo Saverin.
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05 SB Nation The timing of all this is fascinating from an on-court perspective. The Lakers essentially mortgaged their future this summer to build around Luka Doncic with two years remaining on his contract. Los Angeles knew it needed a strong defensively center, so it traded two future first-round picks and two swaps for Walker Kessler. The Lakers then handed out four-year contracts to Sandro Mamukelashvili and Quentin Grimes while giving Collin Sexton two years, while most other NBA free agents were only getting one year deals.
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