Jeanie Buss recalls when Dr. Jerry Buss balked at $1,000,000,000 offer for Lakers in 2003 at a 1381% increase
Jerry Buss was once offered a billion dollars to sell the Los Angeles Lakers. The offer came following the team's three-peat, where the team won three consecutive championships (2000-2002). Jerry purchased the Lakers for $67.5 million in 1979, meaning the offer would have seen him net a 1381% increase on his original investment.
During a recent "Hoops Adjacent" podcast interview, Jeanie Buss shared her late father's reaction to the offer. Buss noted how Jerry couldn't fathom how a sports team could be worth such a significant amount of money.
"Well, you know, my dad, you know, I remember the first time he was offered a billion dollars for the Lakers and that was maybe 2003, or 2004," Buss said. "And after the three-peat that we had. And, you know, he just was so shocked by that, he couldn't even imagine the team being worth that much."
The Lakers are arguably the most recognizable franchise in the NBA. With a history of acquiring superstar talent, playing electrifying basketball, and consistently being in the mix for championships. Furthermore, the Lakers are a premier sports team in terms of fanbase, success, and marketability.
The Los Angeles Lakers location plays a role in their star appeal
Los Angeles is where the stars live. Movie stars, music stars, and sports stars want to live in the City of Angels. It should be no surprise why the Lakers continually garner interest from the biggest names in the NBA. Hollywood can be a compelling factor.
LeBron James' tenure in Los Angeles has coincided with his first forays into Hollywood. Shaquille O'Neal also tried his hand at a movie during his time with the Lakers. There's a certain allure about the city, partially due to the opportunities outside of basketball and also because of the weather and picturesque landscape.
Just like property, a sports franchise is about location. If it's marketable, can attract top-end talent, and has a history of success, its value is vastly above average and can be an iconic purchase for the right investor or wealthy sports fan.
Still, if the franchise was being valued at a billion dollars in the early 2000's, then it is surely worth almost 10 times that amount in the current market. After all, the Charlotte Hornets recently sold for $3 billion, and the Phoenix Suns for $4 billion.
Neither of those franchises has the Lakers' history, location, or cache. As such, we can safely assume the Los Angeles Lakers are among the highest-valued NBA teams in the world.