As the Buss siblings battle each other for the right to sell their minority stake in the Lakers, at least one of the other minority shareholders is sticking with the team.
Patrick Soon-Shiong, the owner of the Los Angeles Times, is not selling his stake in the Lakers.
Soon-Shiong bought a 4% stake in the team from Magic Johnson in 2010. His family attorney, Chuck Kenworthy, said that Soon-Shiong has no interest in selling his stake amid a high-stakes ownership transition.
“We love the Lakers,” Kenworthy told The Times. “We believe in the Lakers. We believe in the future of the Lakers and the championship years they are going to have. And we believe they are still undervalued.”
A group led by former Disney chief Bob Iger and venture capitalist Joshua Kushner agreed last week to buy controlling interest in the Lakers from Mark Walter at a $12.5-billion valuation — a record price for an American sports team. The sale is still pending approval by the NBA board of governors. Walter, who owns a majority stake in the Dodgers, is the subject of multiple federal investigations.
Jeanie Buss, whom Walter had agreed could remain as the Lakers’ governor for five years, is challenging her siblings’ decision to sell the family’s 17.8% stake in the team.
Real estate developer Edward P. Roski, one of the Lakers’ other known minority owners, has not disclosed whether he intends to sell his 3% stake in the team. He has owned a stake in the team since 1998. Todd Boehly purchased a minority stake in the Lakers in 2021, but it’s unclear whether all his shares folded into business partner Walter’s majority stake.
The post Where the Lakers’ minority shareholders stand on sale of the team appeared first on Los Angeles Times.
