Buss brothers launch new sports acquisition business

LOS ANGELES -- Two of the Buss family brothers are venturing into professional sports beyond the Los Angeles Lakers.

Joey Buss, the Lakers' alternate governor and vice president of research and development, and Jesse Buss, the team's assistant general manager, are launching Buss Sports Capital. The new business is an investment firm aimed at identifying acquisitions and partnerships across the global sports landscape.

Joey, 41, and Jesse, 37, worked their way up serving various roles for the Lakers organization, which was purchased by their father, the late Jerry Buss, in 1979 and passed on to his children in a trust after his death in 2013.

In June, the Buss family agreed to sell its controlling stake in the team at a $10 billion franchise valuation to Mark Walter, the Los Angeles Dodgers owner and CEO and chairman of TWG Global. The sale is expected to be ratified by the NBA's board of governors in the coming months, sources told ESPN.

Both brothers will remain with the Lakers after the sale is finalized, with their older sister, Jeanie Buss, continuing to serve as the primary team governor for the foreseeable future, sources said.

"Our vision is to really go after strategic investments and good partners -- specifically sports-related investments," Joey Buss told ESPN. "Buss Sports Capital is not going to compete with our interests in the Lakers or the NBA. This is our first step towards where the future of sports is going to lead us. It is exciting to see what growth opportunities exist -- particularly opportunities that we can add value to, given our skill sets."

Buss Sports Capital has partnered with CAA Evolution to lead the transaction process, and EM Securities will serve as the organization's banking partner, sources said.

Both brothers have honed their careers with the Lakers focusing on talent acquisition and development, with Joey serving as the team president and CEO of the South Bay Lakers -- the Lakers' G League affiliate -- and Jesse involved in the draft process year-round as the Lakers' director of scouting.

"I look forward to working with my brother, Joey, for the next 50 years and hopefully this is something that can live through our children," Jesse Buss told ESPN. "That's what our dad would have wanted."