Lakers ownership sale to Dodgers group
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Buss family Lakers dispute and lessons on trusts for the wealthy
Jeanie Buss contends that her siblings do not have the legal authority to give up ownership of the Lakers and is opposing the sale.
Jerry Buss structured his estate to keep the Los Angeles Lakers in the family after his death.
According to a letter written by Jeanie Buss' lawyer, the trust requires that Janie and Joey Buss, as co-trustees, vote in a way that keeps the family's ownership above the 15% minimum for team governors.
“I always tell clients you're going to destroy the relationship between your children. Once three of them gang up on one of them, the one that gets outvoted — and the business then gets sold — is going to harbor bad feelings the rest of their life against these three siblings,”
Josh Harris says Lakers worth $12.5 billion
A consortium led by Josh Harris paid $6 billion to acquire the Washington Commanders in May 2023.
The Khosla family entered into an agreement to buy the Seattle Seahawks for $9.61 billion in July.
Josh Harris owns the Philadelphia 76ers and the Washington Commanders.
The Guardian Examines Private Equity and Hedge Fund Investment in the LA Lakers
The NBA opened up to institutional money from private equity, hedge funds, and venture capital funds in 2022.
NBA rules prohibit any individual fund from owning more than 20% of a single team.
The Los Angeles Lakers were valued at $1 billion upon Jerry Buss's death.
“iconic franchises and cultural institutions rooted in tradition, identity, and shared experience.”
Commentary on Dodgers, Shohei Ohtani, and Mark Walter's loans
Mark Walter owns 27% of the Dodgers.
The Dodgers signed Shohei Ohtani in late 2023.
MLB teams are required to put the present value of deferred contract amounts into specific accounts within roughly two years of the season the money was earned.
Los Angeles Lakers sold for $12.5 billion
Lakers sold at $12.5 billion valuation
The deal to sell the Lakers to Kushner and Iger will need to be approved by the league and the other owners.
Iger and Kushner had been pursuing ownership of a future NBA franchise in Las Vegas before the Lakers opportunity.
Bob Iger said Jeanie Buss would remain in her post for now.
Kushner's Lakers purchase prompts speculation about possible Trump role
Manhattan federal prosecutors and the SEC are investigating potential fraud related to private-credit deals involving loans from insurance companies Walter owns.
An unnamed White House spokesperson told Front Office Sports the sale "has nothing to do with President Trump or his administration."
Mark Walter bought the Lakers 14 months ago at a then-record $10 billion valuation.