RESOLVING THE LEDGER
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See the full story · 3 sourcesIn the immortal words of Yogi Berra, `It's like déja vu all over again,''' the Los Angeles Superior Court legal action filed Monday states
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Jeanie Buss has launched new legal proceedings to prevent her five siblings from divesting the family's remaining ownership share in the Los Angeles Lakers, reopening a dispute that originally went to court in 2017.
The court action, filed Monday in Los Angeles Superior Court, asks a judge to block the sale and order two siblings to explain why they should not face contempt-of-court charges.
In the immortal words of Yogi Berra, `It's like déja vu all over again,''' the Los Angeles Superior Court legal action filed Monday states. Jeanie comes now, unfortunately having once again been forced to seek relief to enforce her parents' intent and the clear, unequivocal and immutable terms of the Jo Ann 2006 (Electing Small Business Trust).''
The development follows ESPN's Aug. 17 report that all six Buss siblings voted in favor of selling the family's remaining 17.8% stake in the NBA team to incoming majority owners Bob Iger and Josh Kushner.
In a statement to ESPN, the Buss family said, ``We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction. We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.''
ESPN reported that most of the siblings—Jeanie, Jim, Johnny, Janie, Joey and Jesse—voted in favor of selling the remaining family stake.
Under league rules, any such transaction would prevent Jeanie Buss from continuing as team governor, as holding that position requires a minimum 15% equity stake in the franchise. She has occupied the governor role since 2013, following the death of her father, Jerry Buss.
Attorneys for Jeanie Buss argue in the petition that under the NBA Constitution, she remains eligible to act as controlling owner and governor as long as she holds legal ownership, directly or as trustee, of at least 15% of the issued and outstanding equity interest in the Lakers.
The legal filing references an earlier conflict in 2017, when two siblings, James and Johnny, unsuccessfully "plotted a boardroom coup to remove Jeanie from her position as controlling owner," forcing her to seek court intervention.
Now, according to the filing, siblings Janie and Joey Buss are accused of intentionally violating an order obtained by Jeanie Buss as well as the express provisions of the Jo Ann ESBT by secretly signing a purported resolution void on its face to sell a portion of the Jo Ann 2006 ESBT's 17.82% stake in the Lakers, according to the petition.
The petition further asserts that the resolution ``flies in the face of the 2017 order as it would disqualify Jeanie from serving as the NBA controlling owner of the Lakers,'' the petition further alleges.
Jeanie Buss is asking a judge to declare the resolution invalid and remove Janie and Joey Buss as trustees for allegedly putting their interests ahead of fellow trustees. She also wants the judge to compel them to show why they should not be held in contempt of court for allegedly breaching the 2017 order.
The family trust was originally created by former longtime team owner Jerry Buss, who died at age 80 in February 2013.
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