Buss Sports Capital, an investment group founded by former Los Angeles Lakers executives Joey and Jesse Buss, has joined the Padres’ new ownership group, it was announced Wednesday.
The brothers, sons of storied former Lakers owner Jerry Buss, said Wednesday in a statement to ESPN that they would be on the advisory board for the ownership group helmed by José E. Feliciano and Kwanza Jones, whose purchase of the team closed last week at an MLB-record $3.9 billion.
The Buss brothers’ stake in the Padres would be around 5%, according to ESPN, which cited unnamed sources.
“We are honored to join Kwanza and José 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 said in a statement.
He added that “Padres fans have built one of the most passionate and loyal communities in all of sports, and we believe there is a tremendous opportunity to deepen that connection in San Diego and around the world.”
The brothers launched Buss Sports Capital last year, ESPN reported. In a statement, Jesse Buss cited “the privilege of learning from our father and then spending nearly two decades building our own careers in professional basketball operations” in explaining what the duo would bring to the Padres.
“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,” he said. “While every sport is different, we believe the principles behind building sustained success are universal.”
The Padres are in the middle of a postseason push, currently holding a slim lead for the third National League Wild Card spot. A playoff berth this year would mark the first time in team history that the Padres have made the postseason for three consecutive seasons.
The Buss brothers’ endeavor comes shortly after five of the Buss siblings, including Joey and Jesse, voted to sell their remaining stake in the Lakers to Josh Kushner and Bob Iger. It’s a move opposed by current team governor Jeanie Buss; she has filed a court petition to block the Lakers sale.
Last year, the family sold its stake in the NBA franchise to Mark Walter, controlling owner of the Los Angeles Dodgers. Iger and Kushner recently announced plans to purchase a controlling stake in the Lakers from Walter – the target of a federal investigation – for $12.5 billion. That would be a record total for an NBA team.
