While the Boston Celtics-Los Angeles Lakers rivalry was definitely a part of NBA lore as the 1980s approached, it was clear who was superior. The Celts had won 13 championships up until that point and the purple and gold had just one memorable run which was in 1972 with Wilt Chamberlain. Then came Magic Johnson and Jerry Buss.
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Jerry Buss had accumulated a net worth of nearly $350 million through real estate by the time he’d decided to buy the Lakers. He went on to buy the Los Angeles Kings as well in that same deal along with a 13,000 acre ranch, and the Forum arena. All of these purchases costed Buss $67.5 million.
Jerry’s first move as the owner of the Lakers saw him pursue Michigan State’s prized point guard, Magic Johnson. Very rare for a first time owner to have his first move be the best move of his career. Well, that was the case for Buss.
Magic Johnson on the Lakers worth increasing at a rapid rate
The Lakers had won a single championship between 1955 and 1979. After the arrival of Magic Johnson as the number one overall pick, they would go on to win 5 championships in the 1980s decades alone. From the get-go it was clear that Jerry Buss was building something different in LA in the NBA.
During an interview with Breakbeat Media, Magic revealed how he cannot believe the Lakers grew in value to such an extent.
“Dr. Buss paid $65 million for the Kings, Lakers, and the Forum. Now that team alone, just the Lakers, are worth like $7-8 billion. It makes no sense! But that’s what we have created in Los Angeles and I’m just happy to be a part of it,” said Johnson.
Since Buss’s takeover of the Lakers, they have won 10 championships up until his passing. With Jeanie Buss, Jerry’s daughter, taking over the purple and gold, they would go on to win another championship in 2020 with LeBron James at the helm.
How did Jerry Buss change the culture?
Prior to Jerry Buss purchasing the Los Angeles Lakers, NBA team owners were never truly involved with how their team could stand out. Buss took his involvement to a whole other level when he introduced the concept of cheerleaders during timeouts and halftime and live music.
Perhaps the most illustrious thing Jerry indulged in was the formation of the Forum VIP Club. He understood that LA was filled to the brim with celebrities and to attract more of them to watch courtside, he had them become a part of the Forum VIP Club, giving them various benefits and ultimately raising the prestige of the franchise.
