Mixing Business and Family in the LA Lakers Empire

Janie Buss said she thinks her older brothers are looking to cash out. Together, the six Buss children inherited 66 percent of the Lakers via four trusts established by Dr. Buss and his first wife, JoAnn. According to court documents, the trusts state that four of the six Buss children would have to agree to a sale of their interests in the Lakers. That’s further complicated, because a percentage of the Buss family shares are in JoAnn’s name and cannot be sold until her death.

“The way the trust is set up, it’s last man standing,” Janie says. “If I die tomorrow, my kids benefit a little bit but they don’t get everything I’m entitled to. As we all go down, it’s all going to end up in Joey and Jesse’s hands because they’re the youngest.”

She says she understands why Johnny, age 60 with two young kids, would want to cash out and leave more to his own children. She’s had the same thought. But ultimately, she wants to follow her father’s wishes because, “I am living life better than I ever thought I could live, and it’s all because of my dad’s hard work.”

At ESPNRamona Shelburne tells the complex family drama between the LA Lakers’s president and other stakeholders, which include her siblings. The business dealings off the court are an American story about power, money, and the disciplined stamina necessary to run a successful business.

Read the story


from Longreads https://longreads.com/2017/03/13/mixing-business-and-family-in-the-la-lakers-empire/

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