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When the family met to discuss it Tuesday, no mention was made of Walter's impending sale to Kushner and Iger. One family source told ESPN that meeting "spooked" everyone and prompted new calls among the five siblings to sell the remaining family shares. Multiple family sources told ESPN a previous vote several months ago had been taken and only three siblings had then voted to sell. This time, after Walter's sale, two more siblings joined in the vote to sell, with Jeanie Buss abstaining from the vote, sources told ESPN.
Streisand also wrote that the "co-trustees are bound to vote ... to ensure that the minimum 15% ownership requirement is maintained in order to ensure that Jeanie Buss may remain Controlling Owner. Any attempt by the co-trustees ... to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court." Streisand demanded that the five siblings "make clear publicly that Jeanie Buss is the Controlling Owner of the Los Angeles Lakers" and "take no action on this supposed 'vote' to sell the 17.8% stake."
In a letter obtained by CNBC addressed to law firms representing Jeanie Buss’s siblings — Jim, Johnny, Janie, Joey and Jesse — her lawyer Adam Streisand says Jeanie Buss has not agreed to sell the team and that any vote suggesting the Buss family is selling “would be and is void.” Streisand argues in the letter that Jeanie Buss remains the controlling shareholder of the Lakers, pursuant to a 2017 court order, and that no sale can take place without her consent.
Ramona Shelburne: Lakers governor Jeanie Buss is contesting her siblings vote to sell the remaining 17.8 percent of the Buss family shares in the Lakers. In a letter obtained by ESPN from Buss’ lawyer, Adam Streisand, Buss contends that no sale of the family trusts shares can be “effectuated without approval by the co-trustees—Jeanie, Janie and Joey Buss.” Jeanie Buss was the lone sibling not to vote to sell in a family vote that took place Monday morning. The letter was first obtained by @CNBC
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Ramona Shelburne: In 2017 the siblings also went to war over control of the Lakers. Buss’ lawyer contends that the siblings cannot vote to sell the remaining family shares with her consent. The five other siblings who voted to sell this morning believe that the tag along provision in the sale to Mark Walter—essentially that the family has the right to tag along to a sale at the valuation Walter got—gives them the right to do so. A spokesperson for Kushner and Iger had no comment when reached by ESPN.
Ramona Shelburne: Also: Am told by multiple sources that Lakers governor Jeanie Buss did not vote to sell. The other five siblings did.
Ramona Shelburne: Adding to this important piece of information from @mcten This vote to sell family shares has been open since Tuesday. There was a previous vote several months ago, as well from what I understand.
Darius Soriano: 17.8% of $12.5 billion is about $2.25 billion. that’s more than steve ballmer paid for *all* the clippers.
Dave McMenamin: The meeting was held Tuesday. During the meeting, there was no mention of a pending sale between Mark Walter and Bob Iger/Josh Kushner, sources told ESPN. The next day, Walter’s agreement to sell the team was reported by ESPN’s @ramonashelburne
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Arash Markazi: Jim, Johnny, Joey and Jesse Buss had the chance to cash in on the record sale of the Lakers and effectively fire Jeanie Buss as governor and did just that. Jeanie has fired or sued all of her brothers since taking control of the team. It’s the final act of a wild reality show.
Yaron Weitzman: Follow-up reporting: The tag-along clause was executed after the other five siblings sent Jeanie signatures stating that they wanted the family to sell its shares, according to a source.
A few ownership sources reached by Yahoo Sports were not at all surprised at Jeanie Buss selling the Lakers, noting the record price and the fact Jeanie was the last member of the Buss family who wanted to keep the team. The other siblings, apparently, wanted to sell some time ago and, finally, Jeanie relented.