The Los Angeles Lakers and San Diego Padres have each been in the news after being sold to new owners, and the Padres new ownership group just grew.
Joey and Jesse Buss have officially joined the Padres ownership group, which is led by Jose E. Feliciano and Kwanza Jones.
The new Padres ownership group led by private equity investors FJose E. Feliciano and Kwanza Jones is finalizing the purchase at an MLB-record valuation of $3.9 billion. (Photo by K.C. Alfred / The San Diego Union-Tribune via Getty Images)
The brothers confirmed their involvement in a statement provided to ESPN, following earlier reporting from multiple outlets.
“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.
“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.”
“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 said in a statement. “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 Buss brothers grew up in San Diego County and were formerly executives with the Los Angeles Lakers. The family sold its majority stake in the Lakers last year to Mark Walter, who also owns the Los Angeles Dodgers.
The new Padres ownership group led by private equity investors Feliciano and Jones is finalizing the purchase at an MLB-record valuation of $3.9 billion.
Using capital from the sale of the Lakers, the Buss brothers established Buss Sports Capital last year to direct their investments. Walter subsequently sold the Lakers to an investment group led by Josh Kushner and Bob Iger.
The Buss brothers confirmed their new venture with the Padres one week after five of the six Buss heirs voted to sell their 17.8% minority ownership stake in the Lakers to Kushner and Iger.
Jeanie Buss, the Lakers’ governor since the death of their father in 2013, is contesting her five siblings’ desire to sell its remaining interest in the NBA franchise purchased by Jerry Buss in 1979.
The Associated Press contributed to this report.
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