Los Angeles Lakers minority owner Dr. Patrick Soon-Shiong has no plans to sell his stake as the ownership transition continues, his family attorney confirmed Thursday, adding a stable element to an otherwise fluid ownership picture.
The attorney described Iger and Kushner as good friends and said the family looks forward to being supportive partners. He said they are excited about the Lakers’ future and anticipate more championship years.
Soon-Shiong, 74, bought into the team in 2010 when he purchased a 4 percent stake from Magic Johnson. He is a surgeon and cancer research pioneer with a net worth estimated above $15 billion.
The Buss family situation
The Buss siblings continue to hold a collective 17.8 percent of the Lakers following their earlier sale of majority ownership to Mark Walter. Five of the six siblings voted this week to sell their remaining stake to Iger and Kushner at the $12.5 billion franchise valuation established in Walter’s deal.
Those five, Johnny, Jimmy, Janie, Joey and Jesse, said in a statement that they have made the decision to sell and remain united in it, intending to move forward thoughtfully and through the appropriate process.
The sixth sibling, who currently serves as acting governor, is contesting that sale. Her attorney has argued that a 2017 court ruling requires approval from all three co-trustees, named as Jeanie, Janie and Joey. The attorney sent a letter warning that proceeding without that approval would constitute a breach of trust and fiduciary duty.
The ownership math that matters for Jeanie
If the five siblings sell their collective stake, Jeanie would be left with just under 3 percent ownership. Under NBA guidelines, the Lakers’ acting governor must hold at least 15 percent. That would leave Jeanie more than 12 percentage points short of the threshold needed to remain in the role.
To stay on as governor, she would need to acquire additional ownership. Soon-Shiong’s decision not to sell removes one potential source of Lakers shares. The other minority owner she might approach is Ed Roski Jr., who holds approximately 3 percent. Even acquiring Roski’s full Lakers stake would not bring her to the required threshold.
Reaching 15 percent without Iger and Kushner’s cooperation, or without some of her siblings selling back a portion of their shares, appears mathematically difficult. The Athletic reported Wednesday that Jeanie would be interested in acquiring additional ownership, but the path to doing so is narrow.
The governor question and Iger’s stance
Jeanie had an agreement with Walter to remain the franchise’s acting governor through at least five more years. When asked about that arrangement last week, Iger said he intended to honor it, but added that if something changes, then it changes.
Before Walter’s acquisition, four Buss family members held roles with the Lakers. After the sale, only Jeanie continued in her previous capacity. If the sale proceeds as five siblings intend, the question of how Jeanie retains the Lakers governor role without the minimum ownership stake may become the central negotiating issue.
A tag-along provision in the Walter sale allowed the Buss family to roll their shares into any subsequent transaction at the same valuation Walter received. That provision enabled the five siblings to move forward but does not resolve the co-trustee consent question.
