Joey and Jesse Buss “will join the Padres’ ownership advisory board” as part of their investment into the ballclub’s new ownership group. Sources noted that the brother’s investment group, Buss Sports Capital, “reached a deal to acquire approximately 5 percent” of the team. Their investment allows them to apply basketball experience gained while with the Lakers “to another professional sport.” While minority investors “will not be constructing the Padres’ roster, the brothers are expected to contribute strategic advice on team building.” That experience includes “operating within the NBA’s salary-cap system and making long-term decisions about allocating resources toward players and player development” (THE ATHLETIC, 8/26).
The minority ownership position with the Padres is Buss Sports Capital’s “first major business move” since its launch. Sources said that the Buss brothers “continue to pursue an ownership stake in the upcoming NBA Europe league” (ESPN.com, 8/26).