The Lakers’ ownership picture continues to change, but one longtime minority owner isn’t going anywhere.
Dr. Patrick Soon-Shiong has no plans to sell his four percent stake in the Lakers following Mark Walter’s agreement to sell his majority ownership to Bob Iger and Josh Kushner, according to ESPN.
Soon-Shiong’s family attorney, Chuck “Tiger” Kenworthy, made his position clear while also expressing support for the Lakers’ incoming ownership group.
“Dr. Patrick is absolutely not selling his minority share of the Lakers,” Kenworthy told ESPN. “Bob Iger and Josh Kushner are good friends, and we will be joining them as supportive, active and engaged partners once they close the transaction with Mr. Walter. We are extremely excited about the Lakers’ future and look forward to many more championship years.”
Soon-Shiong, 74, has held his stake since 2010, when he purchased four percent of the franchise from Lakers legend Magic Johnson.
His decision comes as the Buss family deals with a much more complicated ownership situation.
The six Buss siblings collectively retain 17.8 percent of the Lakers, but five have voted to sell their remaining shares to Iger and Kushner at the same $12.5 billion franchise valuation attached to their deal with Walter.
“Johnny, Jimmy, Janie, Joey and Jesse have made the decision to sell the family’s remaining stake, and we remain united in that decision,” the five siblings said in a statement provided to ESPN’s Shams Charania. “We intend to move forward thoughtfully, respectfully and through the appropriate process.”
Jeanie Buss is the lone sibling contesting that decision.
Her attorney, Adam Streisand, maintains that a 2017 court ruling prevents the family’s shares from being “effectuated without approval by the co-trustees, i.e. Jeanie, Janie and Joey Buss.”
The situation could also have major implications for Jeanie’s future as Lakers governor. If her siblings complete their sale, she would be left with just under three percent of the franchise and would need to reach 15 percent ownership to satisfy NBA guidelines for an acting governor.
Iger has indicated he plans to honor Walter’s agreement to keep Buss in her position, but left the door open for circumstances to change.