Lakers Minority Owner Reportedly Refuses to Sell Stake as Jeanie Buss Drama Continues

While Jeanie Buss fights her siblings over their 17.8 percent of the Los Angeles Lakers, another owner just took the opposite path. Dr. Patrick Soon-Shiong, who has held a 4% stake since buying Magic Johnson’s share in 2010, will not sell.

His attorney, Chuck “Tiger” Kenworthy, told ESPN’s Dave McMenamin the family is staying put and lining up with the incoming majority group led by Bob Iger and Josh Kushner.

“Dr. Patrick is absolutely not selling his minority share of the Lakers,” Kenworthy said to ESPN. “Bob Iger and Josh Kushner are good friends, and we will be joining them as supportive, active, and engaged partners once they close the transaction with Mr. Walter. We are extremely excited about the Lakers’ future and look forward to many more championship years.”

Five of the six Buss siblings voted to sell the family trust’s remaining interest to Iger and Kushner at the $12.5 billion valuation that Walter decided to sell his majority stake at, amid federal investigators investigating certain insurance companies he owns. However, Jeanie Buss called that vote void.

Her lawyer, Adam Streisand, argued that the co-trustees, Jeanie, Janie, and Joey, cannot legally dump the shares if doing so drops her below the NBA’s 15% ownership requirement to be team governor.

Jeanie Buss has held that role since her father, Jerry Buss, died in 2013 and was promised it through at least 2030 as part of last year’s $10 billion sale to Walter.

Soon-Shiong’s refusal does not settle her case. His stake cannot replace the family block she needs to stay governor. What it does is show that not every minority partner is rushing for the exit. Edward P. Roski, who owns about three percent, has not said whether he will sell.

Former partner Todd Boehly’s remaining interest is still unclear after Walter’s majority stake changed hands. Soon-Shiong is the first to say, on the record, that he is staying with Iger and Kushner.

How Soon-Shiong’s Hold Changes the Pressure on Jeanie Buss

Walter agreed to sell controlling interest less than a year after buying it from the Buss family at $10 billion. Jeanie is the one arguing that the trust was built to keep her as controlling owner, not to let a majority of beneficiaries liquidate the last piece.

If the sale of the 17.8% goes through, she falls under 15%. And the governor’s chair is gone unless she rebuilds a stake some other way.

Iger has indicated that he would honor Jeanie’s governorship as was earlier agreed when Walter bought the majority stake last year. The Athletic also reported that she would even explore keeping 15% as the sole Buss in ownership, if her siblings still want to sell.

But the pivotal part lies with the NBA, which still has to approve Walter’s sale in the first place. The board meets in mid-September. Between now and then, Jeanie’s legal claim and the siblings’ “united” statement will keep clashing. Soon-Shiong has already told both sides where he stands. He is not selling.

Whether Jeanie Buss can stay governor now depends on the trust, the court, and whether she can hold or rebuild enough equity, not on a minority owner who just made the simplest decision in the room.