Bob Iger did not agree to spend $12.5 billion on the Los Angeles Lakers to inherit a family feud. He wants the Buss drama cleaned up, and he wants it cleaned up soon.
Iger and Joshua Kushner would like to buy out the Buss family’s remaining stake as seamlessly as possible, according to Arash Markazi of The Sporting Tribune. Markazi added that removing Jeanie Buss as Lakers governor is on the table if the sale is blocked, but that outcome is described as “the least desired pathway.”
How We Got Here
Iger and Kushner agreed in principle last week to buy the Lakers from outgoing majority owner Mark Walter for a staggering $12.5 billion. Walter had just purchased the team from the Buss family last year for $10 billion, and part of that agreement kept Jeanie Buss on as governor through the end of the decade.
Then this week the story flipped. Five of the six Buss siblings voted to sell their remaining shares to Iger and Kushner through a tag-along clause. Jeanie did not vote in favor and quickly claimed the sale was “void,” setting up a potential court fight.
Iger had already said publicly he was willing to honor the Walter-Buss agreement and keep Jeanie as governor. He is still willing. He just does not want to sit through months of litigation to find out where he stands.
The Sibling Split
The other five Buss siblings, Jim, Johnny, Janie, Joey and Jesse, doubled down on Tuesday with a public statement backing the sale. They pointedly did not mention Jeanie by name.
The trust that holds the family’s 17.8 percent share of the Lakers requires four of six beneficiaries to sign off on decisions like this, per the five siblings. Jeanie and her attorney dispute that reading, and now everyone is lawyered up.
Why Iger Cares
Iger is not a rookie at navigating boardroom drama. The former Disney CEO has spent decades managing egos and legal risk. But even for him, the Buss situation is a headache he did not sign up for.
Buying the Lakers is supposed to be a legacy purchase. The franchise is the biggest brand in basketball. Kushner is bringing in fresh capital and modern operating ideas. The last thing they want is a two-year court battle hanging over their tenure before it even starts.
If Iger and Kushner can find a number that gets Jeanie to walk away, they will pay it. Reputation matters. The Lakers do not need a public sibling war on top of a $12.5 billion price tag.
What Happens Next
Expect a lot of quiet phone calls and a public silence from Iger for the next few weeks. He does not gain anything by turning up the heat publicly. If the deal ends up in court, it goes there. If a buyout number materializes first, that is the outcome everyone in Iger’s camp is chasing.
Jeanie has been the Lakers governor through the Kobe era, the LeBron era and everything in between. Her exit, however it comes, is going to be one of the biggest storylines of the NBA offseason.
A longtime sports reporter, Carlos Garcia has written about some of the biggest and most notable athletic events of the last 5 years. He has been credentialed to cover MLS, NBA and MLB games all over the United States. His work has been published on Fox Sports, Bleacher Report, AOL and the Washington Post.
