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Jeanie Buss on Monday said she opposed her siblings\u2019 plan to sell their remaining minority stake in the Los Angeles Lakers to Josh Kushner and Bob Iger, dismissing<\/a> reports<\/a> that the whole family had agreed to the transaction a week after Kushner and Iger agreed to purchase the Lakers for $12.5 billion from billionaire Mark Walter last week.<\/p>\n Jeanie Buss, governor of the Los Angeles Lakers, attends a 2021-2022 season kick-off event.<\/p>\n Los Angeles Times via Getty Images Allen J. SchabenKey Facts<\/p>\n In a letter<\/a> sent to law firms representing her siblings, Jeanie Buss\u2019 lawyer said she has not agreed to sell the family\u2019s stake in the Lakers and any vote conducted on the matter \u201cwould be and is void,\u201d CNBC first reported.<\/p>\n The letter also called out ESPN\u2019s report on the matter as false and accused Buss\u2019 siblings, Joey and Jesse Buss, of leaking \u201cfalse, defamatory and pernicious \u2018information\u2019\u201d to the outlet\u2019s reporter Shams Charania.<\/p>\n In the letter, Buss\u2019 lawyer cites a 2017 Los Angeles Superior Court order noting that Jeanie Buss is the \u201ccontrolling owner\u201d of the team and claims that any attempt to sell the family\u2019s stake without her consent would be contempt of court.<\/p>\n The reports about the Buss family\u2019s stake comes a few days after Lakers owner Mark Walter suddenly agreed to sell the team to Kushner and Iger last week amid a federal fraud investigation<\/a>, giving them a roughly 65% stake in the team.<\/p>\n If the Buss family were to push through with the sale of their remaining stake to Kushner and Iger, the two will have a combined stake of around 83%.<\/p>\n what did earlier reports about the sale say?<\/p>\n The ESPN report<\/a> called out by the letter said the Buss family will sell their 17.8% stake to two new principal owners of the franchise. The report noted that as a result of the sale Jeanie Buss would lose her role as the team governor under NBA rules requiring owners\/governors to own at least 15% of a team. The Athletic<\/a> reported that a vote on the matter was held last week by the Buss family trust, which is made up of former Lakers owner Jerry Buss\u2019 six children. The report said Jeanie Buss, Janie Buss and Joey Buss will be responsible for enacting the actual sale.<\/p>\n Big Number<\/p>\n $10 billion. That is how much Forbes estimated the Lakers\u2019 value at in January, when the team ranked No. 18 on Forbes\u2019 list of the world\u2019s most profitable sports teams<\/a>.<\/p>\n Key Background<\/p>\n Walter, who is the controlling owner of the Los Angeles Dodgers and the Los Angeles Sparks, agreed to sell the Lakers to Kushner and Iger last week for $12.5 billion just 14 months after he purchased the team when it was valued at $10 billion. Federal investigators are probing whether insurance firms owned by Walter improperly funnelled money to other companies of his. The timing of the investigation and his sale of the Lakers provoked conspiracy theories claiming the federal inquiry may have benefited Kushner, who is the brother of President Donald Trump\u2019s son-in-law Jared Kushner. Sports team owners typically keep or stay in business with their teams for decades, further fueling speculation around Walter\u2019s decision to sell. Amid concerns that Josh Kushner, a Democrat, was benefiting from his link to the president, the White House said he \u201chas nothing to do with President Trump or his administration.”<\/p>\n Further Reading<\/p>\n