LA Lakers owner Dr. Jerry Buss died Monday, Feb. 18, at Cedars-Sinai Medical Center in Los Angeles. Dr. Jerry Buss succumbed to kidney failure at age 80.
Buss grew up in poverty, but managed to rise above it. He was a self-made millionaire who saw opportunities in an unobtrusive manner. He managed the Los Angeles Lakers and built it up to become a franchise every other team looks up to.
In 1979, Buss bought the Los Angeles Lakers basketball team (and the Los Angeles Kings hockey team) for $20 million. It was a record price for a team at that time. The succeeding years proved the team’s worth. The Lakers won a championship that season. In 19 years prior to the 1979-1980 season, the Lakers have won only one Championship since moving to Los Angeles. Since 1979, the Lakers have won the Finals 10 times in 34 years.
Building the LA Lakers
It could be said that the current success that the NBA is enjoying was brought about by Jerry Buss and the Showtime Lakers of the 1980’s. The Lakers brought a high-octane game to the floor with the 6 foot 9 inch point guard in Magic Johnson, who could run, shoot and pass blindfolded. To increase the team’s popularity, Jerry Buss brought the Lakers girls to the court at half-time and the celebrities to the game.
Since the retirement of the Showtime Lakers, expectations never went away. The trio of Phil Jackson, Shaquille O’Neal and Kobe Bryant brought back the quest for greatness. They won three straight championships before Shaq was traded, and Jackson had to step back from the game. Still the Lakers were always in the running, and picked up two more championships in the Bryant era, with Pau Gasol and the returning Phil Jackson.
Through all the success and failures, the LA Lakers are now worth close to $1 billion. Even adjusted for inflation, that is easily more than a 10% compounded growth rate. Jerry Buss has been the man behind the Lakers and he will continue to be so for years to come.
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