Buss’ Interest in Kings Grows : Hockey: Owner of Lakers, Forum talking to investors about reacquiring troubled franchise.

Will Magic Johnson become Wayne Gretzky’s boss?

The most recent developments involving the Kings suggest that Laker and Forum owner Jerry Buss is escalating his effort to purchase the beleaguered NHL franchise. Sources have told The Times that Johnson is part of an investment group and could end up owning as much as 15% of the team.

Buss, who owned the Kings for almost nine years before selling them to Bruce McNall in March of 1988, has been linked to an investment group that includes Hollywood Park Chairman R.D. Hubbard and Vice Chairman Harry Ornest. At different times, Buss has had discussions with another group involving former Sony Pictures Entertainment Chairman Peter Guber and Los Angeles investment banker Gary Winnick.

Several sources maintain Buss has an excellent chance of repurchasing the team by virtue of holding the Kings in a long-term lease at the Forum. He is said to be asking anywhere from $30 million to $40 million to be bought out of the lease. Additionally, he has helped keep the team afloat financially by frequently advancing Senate Seat funds this past season.

Although the NHL’s board of governors agreed in principle last month to approve a proposed interim financing of $10.5 million for the Kings from an investment group led by Colorado billionaire Philip F. Anschutz and developer Edward P. Roski Jr., the expected cash infusion has not transpired.

Consequently, fans have not received playoff refunds even though the Kings’ final game was more than eight weeks ago. Last year, refunds started six weeks after the season ended and continued through the summer. Other immediate concerns for the team include $1.9 million in unpaid payroll taxes and $1 million payments due to Gretzky at the end of June and the end of this month.

A King spokesman said the team still expects the interim financing to close sometime next week.

Yet sources explained how the process stalled when the league insisted on a put--an agreement to buy the team, in full--in January and wanted to have the debt made current. The debt load of the team is said to be in excess of $100 million.

“The league is saying, ‘Where we are right now, there is no deal,’ ” said a source close to the negotiations. “We want a long-term solution. We want to have a more permanent solution. Let it be a level playing field.”

Said another source: “It [the Kings] is not falling apart, but it could fall apart. They [NHL officials] are trying to keep it from falling apart.”

To that end, a complete sale of the team appears likely in the immediate future. One possible way would be through an auction. Meetings are scheduled next week between the league, the Bank of America and McNall’s bankruptcy trustee R. Todd Neilson, who controls 28% of the Kings.

“There are very serious discussions scheduled to take place and I can’t comment beyond that,” said Leonard Gumport, Neilson’s lawyer. “It’s always been Mr. Neilson’s position that it should be sold promptly for the best and highest price. And there are a number of people interested. That’s nothing new.”

Almost no one is ruling out Anschutz and Roski, pointing out that they have been considering the situation since December. “It still may yet come to pass, but now the league is more involved,” a source said.

As for Johnson’s involvement, it is known that his agent, Lon Rosen, approached Buss about six months ago and said that Magic wanted to be part of any ownership group attempting to buy the Kings. Rosen, on behalf of Johnson, refused comment Friday.