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8h ago

Joey and Jesse Buss Launch Buss Sports Capital, Tap CAA Evolution and EM Securities

The brothers say the venture will not compete with Lakers interests, with the team's sale to Mark Walter awaiting NBA approval.

Image
Feb 8, 2021; Los Angeles, California, USA; The retired jerseys of Los Angeles Lakers players Jamaal Wilkes (52), Wilt Chamberlain (13), Elgin Baylor (22), Shaquille O'Neal (34), Jerry West (44), Magic Johnson (32), James Worthy (42), Kareem Abdul-Jabbar (33), Kobe Bryant (8 and 24) and Chick Hearn and the names of Minneapolis Lakers Hall of Fame players Vern Mikkelsen, George Mikan, Jim Pollard, Slater Martin, John Kundla and Clyde Lovellette on display at Staples Center. Mandatory Credit: Kirby Lee-USA TODAY Sports

Overview

  • Buss Sports Capital will pursue acquisitions and partnerships across the global sports industry, according to ESPN.
  • CAA Evolution will lead deal execution for the firm, and EM Securities will serve as its banking partner.
  • Joey Buss said the firm targets sports-related investments and will avoid conflicts with Lakers and NBA interests.
  • The Buss family’s agreement to sell a controlling stake in the Lakers to Mark Walter values the franchise at about $10 billion and still awaits approval by the NBA board of governors.
  • Joey and Jesse are expected to remain in their Lakers roles after the ownership transition, with Jeanie Buss continuing as the team's primary governor.