So, you want to know when the Buss family bought the Lakers? Buckle up. It’s a story about a wild gambler, a corporate handshake, and a whole lot of purple-and-gold glitter. This isn’t a boring business lecture. It’s a Hollywood heist with a happy ending.
The Man, The Myth, The Hustler
Meet Dr. Jerry Buss. He wasn’t a typical doctor. He was a real estate mogul and a brilliant poker player. He made his fortune buying cheap land and turning it into gold. But he wanted something flashier.
He wanted a sports team. Not just any team. He wanted the Los Angeles Lakers. They were the glamour team of the NBA, but they were bleeding money in the late 70s. The old owner, Jack Kent Cooke, was ready to cash out.
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Jerry Buss swooped in like a legend. He bought the team, the Forum arena, and the Kings hockey team. The price tag? A cool $67 million. That’s about $300 million today. A steal for a dynasty.
The Exact Date You’re Waiting For
Mark your calendars: May 27, 1979. That’s the day the deal closed. Jerry Buss officially became the owner of the Los Angeles Lakers. He was 46 years old. He had just changed the entire NBA forever.
But wait—there’s a funny detail. Jerry had never even owned a basketball team before. He was a chemist and a real estate guy. He literally learned the game by reading books and watching film. And he turned it into a masterclass.
Imagine buying a sports team on a whim. That’s pure 1970s LA energy. No spreadsheets, no consultants. Just a handshake and a dream.
The Magic Ingredient
Jerry didn’t just buy the Lakers. He bought Magic Johnson that same year. Magic was drafted just weeks after the sale. It was like buying a car and finding a winning lottery ticket in the glovebox.
The Buss family’s first season with Magic? NBA Championship in 1980. Talk about a return on investment. Jerry went from a rookie owner to a celebrity kingmaker overnight.
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And he partied like one. Jerry Buss was famous for dating models, hosting wild parties, and sitting courtside with starlets. The Lakers became “Showtime.” It was basketball meets disco meets pure fun.
Quirky Facts That Make You Smile
Here’s a weird one: Jerry Buss once traded a player for cash and a draft pick because he needed money to pay off a poker debt. True story. He saw everything as a game—even the Lakers.
Another gem: The Buss family didn’t even get a bank loan for the purchase. Jerry paid with his own pocket change from real estate sales. No bankers. No nonsense.
And get this: The Lakers’ famous purple-and-gold colors? Jerry hated them at first. He wanted blue and red. But the old owner thought gold was “classy.” Jerry kept it. Good call, Jack.
Why This Purchase Changed Everything
Before the Buss family, the Lakers were good. After them, they became iconic. Jerry turned basketball into a spectacle. He brought in sexy dancers, flashy lights, and actual celebrity fans like Jack Nicholson.
It wasn’t just about winning. It was about attitude. The Buss family made the Lakers the most glamorous team in sports. They were the team you wanted to be seen with.
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And it worked. Since 1979, the Lakers have won 11 NBA championships under Buss family ownership. That’s more than most franchises have in their entire history.
The Family Legacy
Jerry passed away in 2013. But his children—Jeanie, Jim, and Johnny—carried the torch. Today, Jeanie Buss runs the show. She’s the first female controlling owner in NBA history. A total boss.
The family still owns the Lakers, 100 percent. No corporate sharks. No faceless conglomerates. Just the Buss clan, keeping the dream alive.
Fun fact: Jeanie once said her dad taught her to “never take the game too seriously.” That’s why they have a petting zoo at home games. That’s pure Buss philosophy.
So, When Did They Buy It?
May 27, 1979. Remember that date. It’s the day a poker-playing chemist bought a basketball team and turned it into a cultural empire. It’s the day basketball became Hollywood.
Next time you see LeBron James throw a no-look pass, tip your cap to Jerry Buss. He saw the future. And he bought it for sixty-seven million bucks.
Now go tell your friends. You’re armed with a quirky piece of sports history. And you sound way cooler than they do. That’s a win.