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An investment firm owned by the two youngest sons of late Lakers owner Jerry Buss has bought into the new ownership group of the San Diego Padres.
Buss Sports Capital, which was started in September by Jesse and Joey Buss, joins a Padres ownership group that includes husband-and-wife controlling owners José E. Feliciano and Kwanza Jones. Although neither the team nor the firm supplied financial details of the deal, multiple media outlets are reporting that the Buss brothers’ stake in the Padres is around 5%.
“We are honored to join Kwanza and JosĂ© and have the opportunity to contribute to the future of a team that Jesse and I have loved since we were kids growing up in San Diego,” Joey Buss, 41, said in a statement. “Sports have always been a part of our family’s story, and great organizations have a unique ability to bring people together and create a lasting sense of community. …
José E. Feliciano and Kwanza Jones, the new owners of the San Diego Padres, are looking to build a winner who can grasp a World Series title, and beat L.A.
“The Padres are on the cusp of something special, and through Buss Sports Capital, we look forward to bringing our experience and perspective to the ownership group and doing our part to build on the strong foundation already in place.”
Like their four older siblings, Jesse and Joey Buss took part in the family business of running the Lakers. When the Buss family sold the controlling stake to Mark Walter for $10 billion last year, team controlling governor Jeanie Buss told ESPN, the siblings were told their roles with the team wouldn’t change for five years.
In November, however, Jesse and Joey Buss, as well as the rest of their siblings except for Jeanie, were let go by the Lakers. At the time of their dismissal, Jesse had been the team’s assistant general manager and Joey was vice president of research and development.
Jerry Buss bought the Lakers in 1979 and viewed it as a family business. His six children have struggled to overcome their differences after his death.
Earlier this month, Joshua Kushner and Bob Iger agreed to buy the majority ownership of the Lakers from Walter for $12.5 billion. Soon after, ESPN reported that the Buss siblings had agreed to sell their remaining 17.8% stake in the team to Kushner and Iger. Jeanie Buss, however, filed a petition in Los Angeles County Superior Court on Wednesday to block such a sale.
The Padres are the first major acquisition for the brothers’ investment firm.
Jeanie Buss is taking her five siblings to court in a battle to retain minority control over the Lakers after they voted to sell to Bob Iger and Joshua Kushner.
“Joey and I had the privilege of learning from our father and then spending nearly two decades building our own careers in professional basketball operations,” Jesse Buss, 38, said. “We saw firsthand what it takes to build a championship organization, and throughout our careers have applied those lessons across talent evaluation, roster construction, player development and long-term organizational planning. While every sport is different, we believe the principles behind building sustained success are universal. …
“We look forward to bringing that experience to the ownership group, supporting Kwanza and José’s vision for the Padres and doing everything we can to help bring a World Series championship to San Diego.”
