The Bass family, which has owned the Los Angeles Lakers for more than 40 years, faces internal disagreement over the sale of its stake in the 17-time NBA champion team, according to several local media outlets that reported this week following a change in the principal shareholder.
The Athletic, ESPN, USA Today and other Los Angeles media outlets reported that some of Jerry Bass's children, who bought the Lakers in 1979 and turned them into one of the most famous brands in world sport, wish to sell their 17.8 per cent stake to a group led by Bob Iger. However, Jeanie Bass, who took over leadership of the Lakers following her father's death in 2013, opposes this decision. Bass's lawyer, Adam Streifsand, sent a letter to her five siblings, a copy of which was obtained by CNBC and ESPN networks, stating that any vote suggesting approval of the sale "is null and void" because her consent is necessary to make such a decision, as she is co-administrator of the family fund trust alongside Joey and Janie Bass.
The letter added that "fund administrators who share responsibilities must vote in a way that ensures the retention of a minimum 15 per cent ownership so that Jeanie Bass can maintain control" of the team as a shareholder. This minimum would allow Jeanie Bass to represent the Lakers on the league's board of owners.
However, the Bass family confirmed in a statement reproduced by ESPN that it decided to "sell the remaining shares owned by the Bass family fund to Bob Iger's company as part of the ongoing agreement". Iger, the former chief executive officer of Disney, partnered with Joshua Kushner, brother-in-law of United States president Donald Trump, to acquire the majority stake in the club from billionaire Mark Walters in a record deal valued at $12.5 billion.
The family added: "We love the Lakers and its fans, and will continue to support Los Angeles, but the time has come to take advantage of this opportunity to close this chapter and retire with dignity, while we can do so". The Bass family sold the club last year to American businessman Mark Walters for $10 billion, but retained stakes in the NBA's last championship-winning team in 2020.
If the new agreement is completed, Iger and Kushner would own approximately 83 per cent of the team's shares after obtaining the league's expected approval in September. In that case, the Bass family would lose any influence within the team that Jerry Bass built, a pioneer of sports entertainment, who consolidated during the 1980s an image of the Lakers that combined championships, spectacle and charisma.