kwanza jones

An investment firm owned by the two youngest sons of late Lakers owner Jerry Buss has bought into the new ownership group of the San Diego Padres.

Buss Sports Capital, which was started in September by Jesse and Joey Buss, joins a Padres ownership group that includes husband-and-wife controlling owners José E. Feliciano and Kwanza Jones. Although neither the team nor the firm supplied financial details of the deal, multiple media outlets are reporting that the Buss brothers’ stake in the Padres is around 5%.

“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, 41, 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. …

“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.”

Like their four older siblings, Jesse and Joey Buss took part in the family business of running the Lakers. When the Buss family sold the controlling stake to Mark Walter for $10 billion last year, team controlling governor Jeanie Buss told ESPN, the siblings were told their roles with the team wouldn’t change for five years.

In November, however, Jesse and Joey Buss, as well as the rest of their siblings except for Jeanie, were let go by the Lakers. At the time of their dismissal, Jesse had been the team’s assistant general manager and Joey was vice president of research and development.

Earlier this month, Joshua Kushner and Bob Iger agreed to buy the majority ownership of the Lakers from Walter for $12.5 billion. Soon after, ESPN reported that the Buss siblings had agreed to sell their remaining 17.8% stake in the team to Kushner and Iger. Jeanie Buss, however, filed a petition in Los Angeles County Superior Court on Wednesday to block such a sale.

The Padres are the first major acquisition for the brothers’ investment firm.

“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, 38, said. “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. …

“We look forward to bringing that experience to the ownership group, supporting Kwanza and José’s vision for the Padres and doing everything we can to help bring a World Series championship to San Diego.”

Major League Baseball’s team owners unanimously have approved the sale of the San Diego Padres to an investor group led by private equity billionaire José E. Feliciano and his wife and business partner, Kwanza Jones.

The league announced the approval Monday after a vote. Feliciano and Jones reached an agreement in May to buy the Padres from the family of late owner Peter Seidler at an MLB-record valuation of $3.9 billion. The deal is still contingent on the official closing of the transaction in the coming weeks.

“José and Kwanza understand the unique place the Padres hold in San Diego and the powerful bond between the club and its fans,” Commissioner Rob Manfred said in a statement. “We look forward to their leadership of the Padres and to working with them to build on the club’s strong foundation in a market that is so important to Major League Baseball.”

Seidler’s family announced its intention to explore a sale of the Padres last November, two years after his death. The 53-year-old Feliciano, a co-founder of Santa Monica-based private equity firm Clearlake Capital, emerged from the competition as the Seidler family’s top choice.

Padres Chief Executive Erik Greupner and general manager A.J. Preller will remain in charge of day-to-day operations, according to MLB’s announcement.

“We are a family first, and becoming owners of the San Diego Padres means joining an even larger one,” Jones and Feliciano said in a statement. “We are grateful to the Seidler family, and especially to Peter, for raising the expectations of what this franchise can achieve. … Our ambition is clear: to bring a World Series championship to San Diego and build an enduring organization capable of competing for championships year after year. We intend to be engaged owners, bringing our energy, experience and perspective while working alongside the talented team already in place and investing ambitiously and thoughtfully in the Padres’ future.

“We are all in and committed to winning.”

Peter Seidler assumed majority control of the Padres in 2020 after first joining their ownership group in 2012, but he became beloved in San Diego for his aggressive financial pursuit of winning and his eagerness to engage with the team’s fan base. He died at age 63 in November 2023.

The Padres dramatically increased their payroll under Seidler, allowing Preller to build the foundation for the current team, which has made four playoff appearances in the past six years and won at least 89 games in three of the last four seasons during the most successful stretch in franchise history. San Diego is currently in the playoff race again, winning 17 of its last 22 games entering Monday to surge into an NL wild-card position at 67-58.

“As far as the day-to-day operations, nothing changes for us,” Padres manager Craig Stammen said in New York before San Diego’s series opener against the Mets. “We’ve got to go out here and play the games, just like we have all season long. The ownership sale has kind of been something that’s been going on throughout the entire year. It doesn’t really affect the play on the field, but we’re excited to have José and Kwanza a part of the Padres and can’t wait to welcome them.”

The minority partners in the Padres’ new ownership group include Joey and Jesse Buss, two sons of former Lakers owner Jerry Buss. Coincidentally, the six Buss siblings decided earlier Monday to sell their remaining minority ownership stake in the Lakers to incoming majority owners Joshua Kushner and Bob Iger. Jeanie Buss is contesting the sale of the family’s shares.

When Feliciano and Jones reached their agreement to purchase the Padres earlier this year, they praised the team as “a unifying force in San Diego, rooted in community, connection and belonging.” They’ve since been spotted at Padres games in San Diego and in Mexico City.

“It’s good to see people that care working with us, you know?” Padres outfielder Jackson Merrill said. “I mean, the Seidlers cared a lot. It’ll be fun to see how these people take it, mold it into their own, you know? Trust in them, as they trust in us on the field. So, full confidence in them. Excited to meet them.”

The Padres have never won a World Series, but they were a valuable commodity for potential owners as the only team in the four biggest North American sports leagues in a metropolitan area with roughly 3.3 million people. Downtown Petco Park has become one of the liveliest ballparks in the sport, and the Padres ranked second in the majors in attendance last season.

Feliciano, who was born in Puerto Rico, becomes the second Latino principal owner in baseball, along with the Angels’ Arte Moreno. Latino and Hispanic players comprise roughly 30% of major league rosters.

Feliciano and Jones will hold an introductory news conference at Petco Park on Aug. 24.

Beacham writes for the Associated Press.