Joey and Jesse Buss, the youngest heirs of the Los Angeles Lakers' ownership, have confirmed their involvement in the San Diego Padres' new ownership group. The group is led by José E. Feliciano and Kwanza Jones.
Growing up in San Diego County, the Buss brothers previously held executive roles with the NBA's Los Angeles Lakers before their family sold its majority ownership stake to Mark Walter last year. Walter also owns the Los Angeles Dodgers, the Padres' primary rivals in the National League West.
The ownership group, spearheaded by private equity billionaire Feliciano and Jones, is in the process of finalizing its acquisition of the Padres. The transaction is valued at an MLB-record $3.9 billion.
Last year, the Buss brothers established Buss Sports Capital to manage their significant financial gains from the Lakers sale. The Lakers were subsequently sold by Walter this month to a group that includes Josh Kushner and Bob Iger.
The confirmation of the Buss brothers' new venture with the Padres follows a 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, who has served as the Lakers' governor since the passing of her father in 2013, is reportedly contesting her siblings' decision to sell their remaining interest in the NBA franchise that was originally purchased by Jerry Buss in 1979.