Ownership Before Jerry Buss
The Lakers existed as a franchise before Jerry Buss bought them, with ownership passing through Minneapolis-based investors and later Los Angeles-based groups. The team was founded in 1947 when Ben Berger and Morris Chalfen purchased the Detroit Gems of the National Basketball League and relocated the franchise to Minneapolis. Berger and Chalfen built the early roster and secured the Minneapolis Auditorium as the home court, establishing the franchise that would later become the Los Angeles Lakers after the 1960 relocation. Before the move to Los Angeles, the team was controlled by the Berger-Chalfen group with local investors and business leaders providing secondary capital and arena access.
In 1960, the franchise relocated to Los Angeles under the ownership structure still led by Berger and Chalfen, who had already sold a controlling interest to a group of local businessmen including Jack Kent Cooke. Jack Kent Cooke became the dominant owner in Los Angeles, financing the construction of The Forum and building the team into a national brand through televised games and star player acquisitions. Cooke's ownership era set the foundation for the modern Lakers brand, with the franchise winning multiple championships and establishing a national television presence that increased franchise value long before the Buss era.
Key Figures and Companies
Minneapolis Era Investors
Ben Berger and Morris Chalfen were the original post-1947 owners who stabilized the franchise after relocating the Detroit Gems. Their ownership group included local Minneapolis business interests that funded the team's early operations and arena lease at the Minneapolis Auditorium. The group operated the franchise as a regional sports investment, with profits tied to ticket sales and local sponsorship deals typical of mid-century basketball operations.
Jack Kent Cooke and the Los Angeles Forum
Jack Kent Cooke took control of the Lakers after the 1960 move to Los Angeles and built The Forum as the team's home arena. Cooke was a Canadian-born businessman who also owned the Los Angeles Rams and multiple radio and television stations, using the Lakers as part of a broader entertainment and sports portfolio. His ownership lasted until the early 1970s when he began selling shares, creating an ownership environment that eventually attracted Jerry Buss and his group of investors.
Transition to the Buss Era
Jerry Buss Purchase
Jerry Buss, a real estate and oil investor, purchased the Lakers, The Forum, and other assets in 1979 from a group that included Jack Kent Cooke and other minority shareholders. Buss paid approximately $67.5 million for the franchise and arena, financing the deal through a combination of personal capital and loans from banks and business partners. The purchase was structured as a group investment, with Buss holding a controlling interest and other investors including long-time Lakers executive Bill Sharman and business associates holding minority stakes.
Before Buss's purchase, the Lakers were valued as a regional franchise with national television reach but limited corporate infrastructure compared to modern sports teams. The Buss ownership group introduced a business model that integrated the Lakers with entertainment ventures, real estate, and later the Crypto.com Arena complex, transforming the franchise into a diversified asset. This shift in ownership structure allowed the Lakers to expand revenue through media rights, arena events, and branding partnerships, setting the stage for the franchise's modern valuation as one of the most valuable in the NBA.
Franchise Valuation and Legacy
The Lakers franchise has been ranked among the most valuable sports teams in the world by Forbes, with current valuations exceeding $