Lakers sale to Kushner and Iger sparks Buss family legal battle

Los Angeles Lakers are set to be sold for a record $12.5 billion, the highest price ever paid for a US sports franchise. The buyers are venture capitalist Josh Kushner and former Disney CEO Bob Iger, who are acquiring the team from Mark Walter, who had purchased a controlling stake just 14 months earlier for $10 billion Source: Infobae. The deal has triggered a family dispute: Jeanie Buss, the Lakers' governor since 2013, is legally challenging her siblings' decision to sell the remaining 17.8% family stake, a move that would end her tenure Source: Clarin.

The sale

Kushner and Iger are buying approximately 65% of the team from Walter, and if the Buss family stake is included, they would control about 83% Source: Clarin. The transaction requires approval from the NBA Board of Governors, with a meeting scheduled for September 15-16 in New York Source: Excelsior. Kushner, who also holds a minority stake in the Miami Heat, must divest that before the deal closes Source: Excelsior.

Family conflict

Jeanie Buss's lawyer, Adam Streisand, argues that any vote by the Buss siblings to sell the remaining stake is "null and void" due to a 2017 court order requiring them to ensure Jeanie retains controlling ownership Source: CNN. The family, however, issued a statement saying they decided to sell "as a family" and that it is time to "move on and exit gracefully" Source: Clarin. Streisand has threatened to seek contempt rulings if the sale proceeds Source: CNN.

What's next

The NBA's approval is pending, and the legal challenge could delay or alter the transaction. If completed, the sale would end the Buss family's 47-year ownership of the Lakers, one of the NBA's most storied franchises Source: El Colombiano.