Brothers Joey and Jesse Buss are going from one sport to another.
Buss Sports Capital, the investment group founded by the brothers, has reached a deal to acquire approximately 5% of the San Diego Padres, according to The Athletic.
The Buss family sold its controlling stake in the Los Angeles Lakers to Mark Walter last year.
After Walter sold the franchise in recent weeks to a group led by Joshua Kushner and Bob Iger, Joey and Jesse and three of their siblings, Janie, Johnny and Jim, voted to sell the family’s remaining 17.8% of the team to Iger and Kushner.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM
However, not all siblings were on board with the move. Jeanie Buss, who serves as governor of the Lakers, argued that her siblings can’t sell through an attorney, setting up a family feud over their Lakers stake.
Kwanza Jones and José Feliciano acquired controlling shares of the Padres last week for $3.9 billion. Joey and Jesse said they were honored to join Jones and Feliciano.
“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 obtained by The Athletic.
ZERO BS. JUST DAKICH. TAKE THE DON’T @ ME PODCAST ON THE ROAD. DOWNLOAD NOW!
“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 two brothers will join the Padres’ ownership advisory board with their investment.
“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 Buss said.
The Buss brothers’ acquisition of the Padres makes them rivals with Walter, with whom they co-owned the Lakers. Walter owns the Los Angeles Dodgers, and the National League West foes have gone head-to-head in the postseason multiple times over the last decade.
Read the full article here
