Jeanie Buss is contesting a vote by her siblings to sell the Buss family's remaining 17.8% stake in the Los Angeles Lakers to Josh Kushner and Disney senior adviser Bob Iger.
Five Buss siblings voted Monday to sell the stake through a provision tied to the buyers' earlier agreement for the team, ESPN reports. The vote valued the Lakers at $12.5 billion.
Buss Says the Trust Needs All Three Co-Trustees
In a letter obtained by CNBC, attorney Adam Streisand argues that a 2017 court order prevents the family trust from selling the stake without approval from all three co-trustees: Jeanie Buss, Janie Buss and Joey Buss.
The letter asks the trustees to take no action on the vote. It also says the trust must keep at least a 15% stake for Jeanie Buss to remain the Lakers' controlling owner.
Iger's Five-Year Agreement Remains in the Dispute
Iger said last week that he intended to honor Jeanie Buss's five-year agreement to remain controlling owner. A spokesperson for Kushner and Iger declined ESPN's request for comment on the new letter.
The buyers' agreement was reported August 12 and still requires approval from the NBA Board of Governors. Disney appointed Iger as a senior adviser after he stepped down as CEO in March and kept him on its board through December 31, 2026.
Sources: ESPN via ABC7 and The Walt Disney Company.
Image: The Walt Disney Company.