Joey and Jesse Buss announced Wednesday the launch of their new company, Buss Sports Capital, which is an investment firm aiming to identify potential acquisitions and partnerships in sports, according to ESPN.
The new business venture is not expected to impact the brothers' roles with the Lakers. Despite an agreement to sell the team to Mark Walter in a deal that valued the franchise at $10 billion, the Buss family is expected to remain heavily involved with the franchise.
Joey currently serves as the Lakers' alternate governor and vice president of research and development. He's also the CEO of the organization's G-League affiliate, the South Bay Lakers. Meanwhile, Jesse is the team's assistant general manager. Their sister Jeanie will maintain her role as the primary governor of the franchise for the time being.
The sale of the Lakers is expected to be finalized by the NBA in the coming months.
"Our vision is to really go after strategic investments and good partners—specifically sports-related investments. 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 said in a statement, via ESPN.
The Buss family had a controlling interest in the Lakers since 1979, up until the sale of the organization to Walter, which was announced in June but has not yet closed.
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This article was originally published on www.si.com as Buss Family Launching New Sports Business Amid Lakers Sale.