The Buss Family’s Billion-Dollar Blunder: A Cautionary Tale for Sports Ownership

The proposed sale of a controlling stake in the Los Angeles Lakers to Josh Kushner and Bob Iger has sent shockwaves through the sports world, but it’s not just the $12.5 billion price tag that’s got everyone talking. The real intrigue lies in the internal power struggle within the Buss family, with Governor Jeanie Buss contesting her siblings’ plans to sell their 17.8% ownership stake.

The Lakers have been a beloved fixture in Los Angeles since Jerry Buss purchased the team in 1979. Under his ownership, they won six championships, cementing their status as one of the most successful franchises in NBA history. Since Jerry’s death in 2013, however, the family has been embroiled in bitter infighting, with Jeanie at the center.

This latest development is a far cry from the Buss family’s initial decision to sell a controlling stake to Mark Walter last year, which ensured Jeanie remained in position until 2030. That deal was hailed as a masterstroke, allowing her to maintain control while still appeasing her siblings’ desire for financial gain. But it seems that those siblings have had second thoughts, and now they’re trying to sell out to Kushner and Iger.

Jeanie’s attorney, Adam Streisand, has written a scathing letter to her siblings, claiming any decision to sell would be “void” due to the co-trustees’ fiduciary duties. This is more than just a family squabble; it’s a power struggle that threatens to destabilize one of the most iconic franchises in sports.

The NBA’s board of governors will have to approve the sale, which could take months. But even if it goes through, this deal raises more questions than answers. What does it say about the state of sports ownership when billionaires are willing to buy into a team without considering the long-term implications? And what does this mean for Jeanie Buss’s future as governor?

The Buss family’s decision to sell out to Kushner and Iger also has larger implications beyond the Lakers’ front office. The involvement of Jared Kushner’s brother, Josh, in this deal is particularly noteworthy, given his own controversies surrounding a proposed investor group for FIFA. This raises concerns about the influence of private investors on sports governance and whether it’s healthy for the game.

The internal conflict within the Buss family has been ongoing since Jerry’s death in 2013. Jeanie has been locked in a battle with her siblings over control and finances, including a lawsuit against her brothers after she fired Jim Buss from his role as head of basketball operations in 2017. Joey and Jesse were later let go from their front-office jobs last November.

This family drama raises questions about the Lakers’ ability to maintain stability under new ownership. Can Jeanie hold on to control, or will she be forced out? And what does this mean for the team’s future?

The proposed sale of the Lakers is just one symptom of a larger problem: the influence of private investors in sports governance. FIFA’s proposed investor group, led by Thrive Eternal and Josh Kushner, was met with fierce criticism before being scrapped. This raises concerns about who really runs these leagues: fans, players, or billionaire investors?

The sale of the Lakers would mark a new chapter in the team’s history, but it also comes with a risk that could undermine their legacy. Will Kushner and Iger prioritize profit over tradition? And what does this mean for Jeanie Buss’s future as governor?

The Lakers’ fans are worried, and rightfully so. They’ve been loyal to the team through thick and thin, but now they’re faced with an uncertain future. As the sale hangs in the balance, one thing’s clear: the outcome will have far-reaching consequences for the franchise.

This deal raises more questions than answers about the state of sports ownership. What does it say about the priorities of billionaires like Josh Kushner and Bob Iger? And what does this mean for the future of sports governance?

As we wait for the outcome, one thing’s certain: the future of sports ownership is uncertain, and it will take more than just money to ensure the long-term success of these beloved franchises.