SAN DIEGO (CNS) - Buss Sports Capital, an investment group founded by former Los Angeles Lakers executives Joey and Jerry Buss, has joined the San Diego Padres' ownership group, it was announced Wednesday.
The brothers announced Wednesday in a statement to ESPN that they would be on the advisory board for the new ownership group helmed by Kwanza Jones and José E. Feliciano, whose purchase of the team closed last week at an MLB record $3.9 billion.
The Buss brothers' ownership 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. "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."
Jesse Buss said in a statement, "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."
The Padres are in the middle of a postseason push, currently holding a slim lead on 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 family's latest sports endeavor comes shortly after five of the Buss siblings voted to sell their remaining stake in the Lakers to Josh Kushner and Bob Iger, a move that has been opposed by current team governor Jeanie Buss.
Last year, the family sold its controlling stake in the team to Mark Walter, controlling owner of the rival Los Angeles Dodgers. Iger and Kushner recently announced plans to purchase a controlling stake in the team from Walter for $12.5 billion - - which would be a record total for an NBA franchise.
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