Patrick Soon-Shiong will retain 4% Lakers stake after $12.5 billion sale

Billionaire Dr. Patrick Soon-Shiong does not intend to sell his 4% minority stake in the Los Angeles Lakers after Mark Walter sold his majority stake to Bob Iger and Josh Kushner in a transaction valuing the franchise at $12.5 billion. Soon-Shiong's family attorney, Chuck "Tiger" Kenworthy, said Soon-Shiong would remain a supportive, active and engaged partner with Iger and Kushner. The decision comes amid a dispute within the Buss family over its remaining 17.8% interest. Jeanie Buss is seeking to block five siblings from selling the Buss Family Trust's stake, arguing that a 2017 court order requires co-trustee approval and that the shares must preserve the 15% ownership threshold needed for her to remain the Lakers' Controlling Owner and governor.

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