The memorabilia in Jeanie Buss’ office provides a visual reminder on where the Lakers’ storied franchise once stood.

Paintings of the Lakers’ title teams during the Showtime Era and earlier this decade hang on the walls. Buss has 10 of the 11 Lakers’ NBA trophies they won in Los Angeles sit on a shelf in her office that remains adjacent to the window overseeing the team’s practice court.

Those images contrast to the Lakers’ presently dire state. The Lakers (16-44) enter Friday’s game against the Memphis Grizzlies (43-17) at FedEx Forum a month away from missing the NBA playoffs for the second consecutive year and only the seventh time in franchise history.

“I’ve been assured by our basketball operations that the team will be back in contention soon. If we are not meeting those goals, then changes have to occur,” Buss said in a recent interview with Los Angeles News Group in her office at the Lakers’ practice facility in El Segundo. “I have no reason not to believe them when they tell me that’s what they can deliver. I don’t see what would be holding them back.”

Lakers general manager Mitch Kupchak recently reported he will prioritize the team’s financial flexibility and youth this summer over signing veteran free agents, a strategy that might compromise Kobe Bryant’s quest to win his sixth NBA championship in the 2015-16 campaign in what could mark his 20th and last NBA season. Lakers executive vice president of player personnel Jim Buss, who is Jeanie’s brother, has promised the Lakers would reach the Western Conference Finals within three years.

And if not?

“Then we owe it to our shareholders, fans and partners that we have to move in a different direction to get this team back into contention,” Jeanie Buss said. “We made a commitment that we would operate the team the way Dr. Buss ran it.”

Jerry Buss, the father of both Jim and Jeanie, oversaw the Lakers collecting 10 of their 16 NBA championships after purchasing the team in 1979. But Jerry Buss’ passing on Feb. 2013 has coincided with the Lakers experiencing some other tumultuous moments.

Bryant remains sidelined with a surgically repaired right shoulder, representing one of the five Lakers’ season-ending injuries that could eclipse last season’s mark, when players missed a combined 319 games due to various ailments. The Lakers also failed to retain Dwight Howard and Pau Gasol in consecutive offseasons, while striking out last summer in the LeBron James and Carmelo Anthony free agency sweepstakes.

Byron Scott represents the Lakers’ fourth coach in the past five seasons. The most controversial hiring involved the Lakers choosing Mike D’Antoni on Nov. 2012 over Phil Jackson, who won five of his 11 NBA titles with the Lakers and is Jeanie’s longtime companion. Yet, Buss stressed that issue is “not standing in between” herself and Jim after Jackson left last year to become the New York Knicks’ president.

“I can understand where Phil would be a disruption,” Jeanie Buss said. “I asked my brother if Phil could have any role in the organization. He and Mitch made it clear they didn’t need Phil, nor did they need anybody else. They felt they have everything covered and didn’t need another voice in their vision and plan for this team.”

That explains why Buss will not comment on issues related to the Lakers’ basketball operations. But the Lakers’ president continues to oversee the team’s business operations, a job description she also held for 14 years as the team’s executive vice president of business operations.

“This is uncharted territory I am not prepared for,” Buss said. “I hear the fans and hear their frustration. I’m hoping with every game, it’s going to get better. I’m as impatient as any other Lakers fan.”

The Lakers’ current struggles has kept Buss fairly busy in ensuring the business stays strong.

Forbes recently valued the Lakers at $2.6 billion and reported last year they made an NBA-record $104 million in operating income, partly because of the team’s cable deal with Time Warner Cable SportsNet, worth $5 billion through 25 years. But the Lakers’ games this season televised on TWC SportsNet have averaged a 1.85 Nielsen rating. That marks a decline from the average household ratings for televised games in 2013-14 (2.11) and 2012-13 (4.63).

The Lakers also snapped a 320-game home sell-out streak, dating back to the 2006-07 season. Last season, the Lakers also failed to sell out in nine of their 41 home games at Staples Center. The Lakers did not sell out in two of their 29 home games thus far for the 2014-15 campaign, one of which featured Bryant playing.

Buss called those numbers “upsetting” and added she feels “anxious to reverse that trend.” But she declined to discuss whether the Lakers would consider lowering ticket prices. Buss then pointed out the Lakers did not raise ticket prices last season.

Buss also highlighted another thing that would still make the Lakers a box office draw.

With Bryant set to return for the 2015-16 season in what could mark his last year, Buss said the Lakers are “talking about a bunch of different things” to honor Bryant in his 20th season with the Lakers at home games. Buss promised “we will make it special.”

The Lakers honored former Lakers center Kareem Abdul-Jabbar during his 20th and final season with the Lakers, 1988-89, with the Hall of Famer receiving a 1989 Rolls Royce in his final regular-season game at the Forum.

Buss suggests Bryant’s tribute will be different.

“We’re not asking the NBA to celebrate Kobe,” Buss said. “With Kareem, it was endearing to watch every city do something special and thank him for all that. But that was clearly Kareem’s last year. I don’t know if we’re going into this clearly knowing that this is Kobe’s last year. Only Kobe can decide that.”

The Lakers have more definitive plans on other things that they hope could attract marquee free agents for reasons beyond their financial flexibility and storied championship history.

They will build a modern practice facility at some point elsewhere in El Segundo, which will provide more room to run their day-to-day operations. The Lakers will also host training camp in Honolulu, Hawaii, for the first time since 2007, marking the 13th time the team had training camp there since Jerry Buss originated the idea in 1988.

“Former players always felt that was something unique and special,” Jeanie Buss said. “I would like to think the new players will feel the same way.”

Buss also outlined other appeals about the Lakers when they met last summer with Anthony. She represented part of the Lakers’ business pitch with executives from TWC SportsNet and AEG. That included the Lakers presenting a four-minute trailer of Anthony’s life, made by movie producer Joel Silver and narrated by Tobey McGuire. Anthony still stayed with the Knicks, but he lauded the Lakers’ effort.

“Carmelo is a really special person,” Buss said. “I totally understand why he made the decision he made. But we gave a very compelling pitch to him. That makes us better at doing it.”

The Lakers could target other marquee free agents such as Memphis’ Marc Gasol, Portland’s LaMarcus Aldridge, Cleveland’s Kevin Love, Dallas’ Rajon Rondo and Miami’s Goran Dragic. But Jeanie Buss stressed it remains up to Jim Buss and Kupchak on whether she will pitch the Lakers’ business appeal in any free agent meetings this summer.

“They need to tell me and communicate with me what they need me to do,” Jeanie Buss said. “I will do whatever it takes because I believe the Lakers are the best organization in the NBA.”

Buss said those words as her eyes stayed fixed on the team’s championship trophies in her office, determined that she will soon add another one.