In a landmark development, the Buss family has sold majority control of the Los Angeles Lakers for an unprecedented $10 billion, marking the highest valuation ever for a sports team. This sale concludes over four decades of the Buss family’s stewardship of the iconic franchise.
The Sale of a Sports Legacy
The Buss family’s ownership of the Lakers began in 1979, when the late Dr. Jerry Buss acquired the team for a then-record $67.5 million, which included the Los Angeles Kings and The Forum arena. This initial purchase reflected the dynamic nature of sports franchise valuations, which have skyrocketed in recent years. The question arises — why would one of the most valuable sports franchises change hands after such a long time?
The answer lies in the complex history involving Jack Kent Cooke, the original owner of the Lakers. Cooke, whose rise from humble beginnings to a media mogul is a captivating story, faced personal and financial challenges that ultimately led him to sell the franchise.
The Legacy of Jack Kent Cooke
Jack Kent Cooke was born in Hamilton, Ontario, in 1912. His family’s financial struggles during the Great Depression compelled him to contribute to the household at a young age, selling soap and encyclopedias door-to-door. By his late teens, Cooke had entered radio, eventually managing stations and investing in distressed media properties, setting the foundation for his vast business empire.
Relocating to California in the 1950s, Cooke aspired to own a major sports team. Though he initially bought a 25% stake in the Washington Redskins, he eventually gained full ownership, making it one of the most prestigious franchises in the NFL. In 1965, he purchased the Lakers for $5.1 million, with aspirations to build a championship-winning team. Alongside the Lakers, he acquired the Los Angeles Kings and built the legendary Forum arena.
Cooke’s Downfall and the Buss Transition
Despite his successes, Cooke’s personal life was tumultuous. A high-profile divorce in 1979 resulted in a staggering $42 million settlement, the largest of its time. To cover this financial obligation, he was forced to sell his sports portfolio, including the Lakers and Kings, to Dr. Jerry Buss in a deal worth $67.5 million.
Under Buss, the Lakers flourished, winning 10 NBA championships and transforming into a global icon. Following Buss’s death in 2013, his six children maintained control of the team until their recent decision to sell a majority stake, solidifying the franchise’s incredible journey and expanding its legacy.
Conclusion: From One Era to Another
With Mark Walter now at the helm, the Lakers’ valuation reflects not only the franchise’s storied past but also its promising future. As the team transitions into this new chapter, the profound influence of Jack Kent Cooke’s sale remains evident. Today’s $10 billion valuation is a testament to the enduring legacy that started with a bold decision to sell, echoing throughout the annals of sports history.
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