Legal wrangling over $12.5B Lakers sale shows how family trusts don't guarantee a business stays in the family (theconversation.com)
¶Jerry Buss’ six adult children share the team’s financial benefits, but only the trustees have the legal power to manage the property.
¶Three of the siblings – Jeanie Buss, Janie Buss and Joey Buss – currently serve as co-trustees.
¶The Buss family drama shows that sharing ownership of a professional sports team can instead cause family disputes that play out publicly. One heir might prefer to remain actively involved in managing it, while the others may want to sell their stakes.
¶Conflicts when parents do what Jerry Buss did by naming some of his children as both trustees and beneficiaries, but leaving others with beneficiary status only, were the most common type of dispute.
¶Family drama seems to have been baked into the Buss trust that owns the majority of the Los Angeles Lakers. If I was one of the three children denied management authority and the team recently recognized a record valuation, as the Lakers have, I would certainly consider selling my interest. I might even fight to prove that I have the legal ability to do so.
