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Reid Kress Weisbord, Distinguished Professor of Law, Rutgers University - Newark

Legal wrangling over $12.5B Lakers sale shows how family trusts don’t guarantee a business stays in the family

Jeanie Buss Lakers Jerry Buss Joey Buss NBA Bob Iger Donald Trump Jared Kushner Joshua Kushner Mark Walter

Jeanie Buss is fighting with her siblings over whether to sell their shared stake in the Los Angeles Lakers. Axelle/Bauer-Griffin/FilmMagic via Getty Images

The Buss family’s 47-year ownership of the Los Angeles Lakers, 17-time NBA champions, could soon come to an end despite their patriarch’s clear wishes before he died. A group of investors that includes former Disney CEO Bob Iger and Joshua Kushner – the brother of Jared Kushner, President Donald Trump’s son-in-law – wants to buy the basketball team for US$12.5 billion.

The pending deal would set a record: No other sports franchise has ever fetched that high a price.

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