Joey and Jesse Buss, the youngest sons of former Los Angeles Lakers owner Dr. Jerry Buss, announced Wednesday that through the investment group they founded, Buss Sports Capital, they have joined the new San Diego Padres ownership group fronted by the husband-wife tandem of José E. Feliciano and Kwanza Jones.
Buss Sports Capital, according to multiple reports, has struck a deal to acquire approximately 5% of the Padres, whose sale to Feliciano and Jones was unanimously approved by MLB owners on Aug. 17.
Feliciano and Jones spearheaded the reported $3.9 billion purchase, which ranks among the most expensive franchise sales in North American sports history. That list is headlined by not one but two sales of the Los Angeles Lakers, whom Los Angeles Dodgers owner Mark Walter just agreed to sell to an ownership group led by businessmen Josh Kushner and Bob Iger for a record $12.5 billion.
That’s $2.5 billion more than what Walter paid when he purchased a controlling interest in the Lakers from the Buss family, a transaction that was approved by the NBA’s Board of Governors less than a year ago.
Not long after Walter began his brief Lakers ownership stint, Joey and Jesse Buss were relieved of their front-office duties with the organization. Soon enough came the inception of Buss Sports Capital, which, according to both ESPN and The Athletic, is also pursuing an NBA Europe ownership stake, even after investing in the Padres.
Joey and Jesse Buss announced, per ESPN’s report, that they will serve on the Padres ownership group’s advisory board.
While with the Lakers, Joey Buss served as the franchise’s alternate governor and vice president of research and development. Jesse Buss, meanwhile, occupied the roles of assistant general manager and director of scouting.
“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, via ESPN. “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. 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 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.”
Jesse Buss added in a statement, per ESPN: “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. 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.”
Following the news of Walter’s impending sale of the Lakers to Kushner and Iger, an agreement reportedly concerning only Walter’s shares in the franchise, five Buss siblings — Johnny, Jimmy, Janie, Joey and Jesse — announced their intent to sell the family’s remaining 17.8% ownership stake in the Lakers.
Their sister, Jeanie Buss, whose title of Lakers governor will be jeopardized with that sale, is contesting it through her lawyer.
Read the full article here