The Lakers have been in the darkest era of their franchise for four years.
No playoff appearances or winning seasons and zero star appeal to speak of. An injection of optimism and fresh air seems to be permeating Staples Center. Things began with Magic Johnson rejoining the purple and gold and now Jeanie Buss will take over as the Controlling Owner. The LA Times have the details.
The three siblings have agreed for Jeanie to serve as controlling owner and on the team’s board of directors as long as the family owns the Lakers. They filed papers in Los Angeles County Superior Court on Monday asking a judge to issue an order approving the accord. “The message is clear here: Do not underestimate Jeanie Buss,” her attorney, Adam Streisand, told the Los Angeles Times. “There is not going to be a palace coup. Not now. Not ever.”
The ill-fated takeover attempt cost Jim Buss his spot as a co-trustee for the four trusts through which the Buss family own 66% of the team. According to a person familiar with the situation, Jim Buss resigned as co-trustee Thursday as part of a requirement by Jeanie Buss to resolve the dispute. Her younger sister and staunch ally, Janie, replaced the brother, joining Jeanie and Johnny Buss as co-trustees.
This was much needed for fans of the Lakers. Jeanie pulled off a power play after witnessing a stretch of poor play and roster mismanagement under her brothers leadership. Last month, Jeanie named Magic Johnson President of Basketball Operations and removed Jim Buss as executive vice president of basketball operations. The moves were met with opposition from Jim and Johnny Buss as they tried to circumvent her power to have her removed.
The brothers called an annual shareholders meeting last month, three days after Jeanie Buss overhauled the front office. The meeting’s 10-point agenda included approving an unusual $25 million distribution to shareholders and $10,000 per month in compensation for directors with a stake in the team. The brothers, in their failed proposal, put forth four directors for the five-member board: themselves, AEG President Dan Beckerman and investor Romie Chaudhari. Jeanie Buss wasn’t among them.
You can never keep down the Lakers. My money is on them being back in the thick of things really soon.