How Did Jerry Buss Buy The Lakers?
Jerry Buss, born on January 27, 1933, in Salt Lake City, Utah, was a successful American businessman, investor, chemist, and philanthropist. He became the majority owner of the Los Angeles Lakers of the NBA in 1979, a strategic acquisition that would transform the team into a basketball dynasty.
Under his ownership, the Lakers would go on to win 10 league championships, including the legendary Showtime era in the 1980s. Buss was known for his contributions to basketball and his induction into the Naismith Memorial Basketball Hall of Fame as a contributor. He also owned other professional sports franchises in Southern California.
The Journey from Humble Beginnings to Real Estate Mogul
Jerry Buss, renowned for his ownership of the Los Angeles Lakers and his contributions to the world of basketball, had a remarkable journey from humble beginnings to becoming a real estate mogul.
Despite facing hardships during the Great Depression, Buss never let adversity define him. Raised by his divorced mother and struggling with poverty, he tirelessly worked multiple jobs to support his family.
Driven by his determination to succeed, Buss embarked on a path of higher education. He earned a scholarship to the University of Wyoming, where he completed his Bachelor’s degree in just two and a half years. Motivated to continue his academic journey, Buss pursued further studies at the University of Southern California, obtaining a Master’s and Ph.D. in physical chemistry.
While working as a chemist and in the aerospace industry, Buss found an opportunity in the real estate market. In 1959, he made his first significant investment, purchasing a 14-unit apartment building in West Los Angeles for $1,000. This marked the beginning of his real estate success story.
With a keen eye for investment opportunities, Buss went on to establish Mariani-Buss Associates, a prominent real estate investment company. Over time, his portfolio grew, and by 1979, he owned approximately 700 properties.
Buss’s success in the real estate industry played a pivotal role in his journey towards acquiring the Los Angeles Lakers. His entrepreneurial spirit and business acumen set the stage for his transformation into a sports team owner and the subsequent success of the Lakers under his ownership.
The Ownership of the Lakers and Sports Empire Expansion
In 1979, Jerry Buss made a landmark purchase by acquiring the Los Angeles Lakers of the NBA, the Los Angeles Kings of the NHL, The Forum, and a vast ranch in the Sierra Nevada. This strategic acquisition, valued at $67.5 million, marked the beginning of Jerry Buss’s ownership of the Los Angeles Lakers and his expansion into the sports world.
Under Buss’s ownership, the Los Angeles Lakers experienced unprecedented success, winning 10 NBA championships. Buss also took charge of operating the WNBA’s Los Angeles franchise, the Los Angeles Sparks, further diversifying his sports team ownership.
Buss had a transformative vision for the Los Angeles Lakers, highlighting the importance of sports as entertainment. He revolutionized the fan experience by transforming the Lakers’ home court, The Forum, into a hub of entertainment. Buss introduced cheerleaders, live music, and premium seating experiences, attracting a celebrity presence and changing the way basketball games were viewed.
Buss’s ownership expanded beyond the Los Angeles Lakers and encompassed a sports empire that continued to grow. However, the Lakers remained the centerpiece of his ownership, fueling the success and prominence of his sports team ownership.
Legacy and Impact on Basketball
Jerry Buss, the visionary owner of the Los Angeles Lakers, left an indelible mark on the world of basketball. His ownership reign not only brought unparalleled success to the Lakers organization but also revolutionized the fan experience. Buss’s innovative approaches to sports and entertainment transformed the way basketball games were enjoyed, ensuring that attending a Lakers game became an unforgettable event for fans.
Beyond his impact on the court, Buss was equally known for his philanthropy and commitment to making a difference. He generously supported causes close to his heart, such as education and chemistry research. Buss made a significant donation to the University of Southern California’s Department of Chemistry, reflecting his passion for scientific advancements. Furthermore, he prioritized the well-being of his players, ensuring that former Lakers player Walt Hazzard was provided for throughout his tenure as owner.
Today, Jerry Buss’s legacy lives on through his children, who have continued his extraordinary work in the basketball world. Jeanie Buss, as the CEO of the Lakers, has become a trailblazer herself, being the first female controlling owner to lead the Lakers to an NBA championship. Under her leadership, the Lakers organization continues to thrive, building upon the foundation of excellence and innovation laid by her father. The impact of the Buss family on the sport of basketball is immeasurable, and their dedication to both the game and the community has made a lasting impression.
