The Los Angeles Lakers are caught in a family battle over a potential ownership change. Jeanie Buss is blocking the sale of the family's remaining stake to Bob Iger and Joshua Kushner, and her lawyer has formally objected.
According to a CNBC-obtained letter dated August 17, 2026, Jeanie Buss's attorney Streisand contends that any family vote to sell is invalid. He says the JAB Trust, which holds the family's 17.8% stake, cannot be sold without Jeanie's approval as co-trustee.
The dispute became public after an ESPN report stated the siblings decided to sell. The siblings - Janie, Johnny, Joey, Jim and Jesse - then issued a statement confirming their decision. They said they had "made the decision to sell the family's remaining stake" and "remain united in that choice." They added, "our focus has always been on what we believe is best for the Lakers, the fans and the greater Los Angeles community," and said they "intend to move forward thoughtfully, respectfully and through the appropriate process."
The fight is about more than who gets paid. It is about who gets to run the team.
Streisand argues that the JAB Trust, which holds a 17.8% stake, cannot sell that stake unless all three co-trustees agree. Co-trustees are the people legally responsible for managing the trust, and in this case they are Jeanie, Janie and Joey Buss.
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He also points to a court order that, in his telling, still makes Jeanie's sign-off required for any sale. The trust's rules and that order, he says, require the co-trustees to maintain at least a 15% stake in the team. That condition protects her role as controlling owner.
Anyone who helps the co-trustees bypass that requirement, Streisand says, would be breaching their legal duties and could face contempt of court. That puts Janie and Joey in a tough spot because they are the other co-trustees and they have sided with the sale.
While the family argues, the buyers are moving forward. Bob Iger, former CEO of Disney, and Josh Kushner, founder of Thrive Capital, have a deal for Mark Walter's controlling share of the Lakers.
CNBC earlier reported the team is valued at $12.5 billion.
ESPN calculated that if Iger and Kushner also acquired the Buss family stake, they would control about 83% of the franchise.
A person with knowledge of the situation said Jeanie Buss does not want to sell the family stake now. The source said she wants to keep it for its long-term value and to protect her position as governor, the title that comes with being the controlling owner.
The numbers are large, but the real issue is control. If the trust's stake falls below 15%, her position as controlling owner would be vulnerable.
For investors, there is a simple lesson. A minority stake can still carry significant power when the ownership rules are structured to favor a particular person. That applies to sports teams, private companies, and sometimes public markets.
The bottom line: The sale may look done on paper, but it is not finished. Until the trust dispute is resolved or a court rules, the future of the Lakers' ownership remains uncertain.
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