Jerry Buss and the Purchase of the Los Angeles Lakers
Jerry Buss, a California-based investor and businessman, acquired the Los Angeles Lakers in 1979. He purchased the team, along with the Los Angeles Forum and the California Kings hockey franchise, from Jack Kent Cooke. The deal was finalized in June 1979, and Buss took full ownership of the Lakers as part of a broader sports and entertainment portfolio. The transaction is widely cited in NBA business histories and is documented in multiple league and team records (see Forbes). This acquisition marked the beginning of a new ownership era for the franchise, with Buss applying a long-term, entertainment-first philosophy to the team and its operations.
The purchase price for the Lakers and the other assets was reported at approximately 67.5 million dollars at the time of the deal. Buss financed the transaction through a combination of personal capital and loans, and he retained control of the team until his death in 2013. During his ownership, the Lakers won multiple NBA championships and became one of the most valuable franchises in professional sports. The transaction is often referenced in discussions about NBA franchise valuations and ownership structures (see Forbes). Buss's approach to team management emphasized stability, star player acquisitions, and integration with entertainment ventures tied to the Forum and later the Staples Center complex.
Business Background and Ownership Structure
Jerry Buss's Career Before the Lakers Purchase
Before buying the Lakers, Jerry Buss built a career as a chemist, real estate investor, and businessman in California. He earned a doctorate in physical chemistry and later focused on real estate and oil investments, which provided the capital base for his sports acquisitions. His business profile and investment strategy are often discussed in business and finance contexts when analyzing the Lakers purchase (see Forbes). Buss structured his sports holdings through holding entities that allowed him to manage the Lakers, the Forum, and other assets under a unified ownership framework.
Ownership Transition After Jerry Buss
After Jerry Buss died in 2013, ownership of the Lakers passed to his six children through a trust structure. The Buss family trust now controls the team, with Jeanie Buss serving as controlling owner and chair of the board. The trust structure and succession plan have been closely watched by sports business analysts and are frequently cited in coverage of NBA franchise ownership (see NBA.com). The Lakers remain one of the most valuable NBA franchises, and the Buss family's continued involvement is a central factor in the team's long-term business strategy and stability.
Impact of the Purchase on the Lakers Franchise
On-Court Success and Brand Value
Under Jerry Buss's ownership, the Lakers won multiple NBA championships and built a brand that extended beyond basketball into entertainment and media. The team's value grew significantly over the decades, and the Lakers became a model for sports franchise management that integrates on-court performance with business operations. This growth is documented in annual NBA franchise valuations and business reports (see