Buss brothers joining new Padres ownership group

Buss Sports Capital has joined Kwanza Jones and Jose E. Feliciano's San Diego Padres ownership group, Joey and Jesse Buss announced Wednesday.

The longtime Los Angeles Lakers executives started the investment firm after their family sold its majority ownership share of the Lakers to billionaire businessman Mark Walter last year. The firm aims to identify acquisitions and partnerships across the global sports landscape.

Joey and Jesse announced they will be on the new ownership group's advisory board and apply their experience with player development, payroll management and roster construction to support this new era in Padres franchise history. Their stake in the Padres is in the neighborhood of 5%, sources told ESPN.

Feliciano, the co-founder and managing partner of the private equity firm Clearlake Capital, and his wife Jones, a singer-songwriter, closed on their purchase of the Padres last week at a $3.9 billion valuation -- a record for any Major League Baseball team.

"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.

"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."

Added Jesse Buss 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 minority ownership position with the Padres is Buss Sports Capital's first major business move since its launch; however, the Buss brothers continue to pursue an ownership stake in the upcoming NBA Europe league, sources told ESPN.

News of the Buss brothers' partnership with the Padres comes a week after five of the Buss siblings voted to sell their remaining 17.8% ownership stake in the Lakers to Josh Kushner and Bob Iger, who agreed to purchase the Lakers from Walter at a $12.5 billion valuation.

Jeanie Buss, the Lakers' current acting governor, is contesting her siblings' desire to sell through her lawyer, Adam Streisand.

Adding a layer of intrigue to the circumstances, Walter is the owner of the Los Angeles Dodgers, who are first place in the National League West. The Padres are in second.br/]