Jerry Buss' six children own his 66 percent controlling interest in the Los Angeles Lakers collectively in a trust.
"The entity can't be split," said Bob Steiner on Monday. "The heirs do not own the team individually. It has to be collective."
The rest of the Lakers' ownership breakdown is: Ed Roski Jr. (3 percent), Patrick Soon-Shiong (4 percent) and Philip Anschutz (27 percent).
Anschutz has included his stake in the Lakers as part of his sale of AEC, which is currently being negotiated.
Jeanie Buss will be the formal decision-maker in business matters, while Jim Buss has a strong position of power in player personnel.
Johnny Buss will not be actively involved in Lakers' business, but will help manage the Buss family trust along with Jim and Jeanie.
Joey Buss runs the Lakers' D-League team, Jesse is the Lakers' director of scouting and Janie Drexel runs the Lakers' charitable services.