Current Lakers governor Jeanie Buss filed a petition last month to block her siblings from selling the family’s minority stake in the team using a “tag-along” provision after Mark Walter agreed to sell his majority shares to a group led by Joshua Kushner and Bob Iger.
According to Khobi Price of The California Post, the hearing in Los Angeles Superior Court was initially scheduled for November 8, but has been postponed to Dec. 8 after Jeanie’s lawyer requested — and was granted — a continuation in the petition.
Here are a few more notes related to Lakers ownership:
- Once the change in ownership is finalized, Iger is reportedly expected to be the partner who is “most actively involved” with the Lakers. However, Kushner — whose net worth has ballooned to $16.7 billion, per Forbes — will be the new majority owner, writes Charles Gasparino of The New York Post. “Bob will not be the control person,” one person close to Kushner told Gasparino. “It is expected that Bob will be a minority owner, an alternate governor, and lead the management of the team day-to-day, but not the governor of the team.”
- Walter’s financial affairs have been the subject of an ongoing federal law enforcement investigation, as officials in the Justice Department, the Securities and Exchange Commission and at a Delaware insurance regulator are looking into up to $21 billion in undisclosed loans made by insurers Walter owns to companies with ties to him. Walter’s decision to sell the Lakers at a record $12.5 billion valuation less than a year after he purchased the team has led to speculation that he might divest from his other professional sports franchises as well, most notably the MLB’s Los Angeles Dodgers. Within an in-depth profile of the 66-year-old, Kevin Baxter of The Los Angeles Times reports that the Dodgers could sell for a valuation of $10-13 billion, though a person close to Walter insists he has no intention of selling the team, which has won back-to-back World Series titles.
- That same source familiar with Walter’s thinking says he would be open to selling his minority shares in English premier league club Chelsea “if the terms are right,” but reiterates that Walter currently has no plans to sell the WNBA’s Los Angeles Sparks, the Professional Women’s Hockey League or his investment in professional squash.