In a historic move, the Buss family has officially sold most of their stake in the Los Angeles Lakers, valuing the iconic NBA team at a staggering $10 billion—the highest price tag ever seen for a sports franchise. This ends over 40 years of family ownership that began when Dr. Jerry Buss bought the team back in 1979. That deal, now legendary, only happened because of a billionaire’s messy divorce.
The Man Behind the Sale: Jack Kent Cooke
Before Dr. Buss, the Lakers were owned by Jack Kent Cooke, a self-made Canadian businessman. Born in 1912 in Hamilton, Ontario, Cooke faced hardship early on when his father’s business collapsed during the Great Depression. By 14, he was selling soap and encyclopedias door to door to help his family survive.
His luck changed when he met Roy Thomson, a rising media mogul who mentored him. With Thomson’s help, Cooke began buying struggling newspapers and radio stations, turning them into profitable businesses. By 31, he was a millionaire and looking to expand his empire beyond Canada.
From Canada to California—and Sports Glory
Cooke eventually moved to the U.S. and became a citizen in 1960 through a rare act of Congress. His big dream was to own a Major League Baseball team, but when that didn’t pan out, he set his sights on other sports.
In 1960, he bought a 25% stake in the NFL’s Washington Redskins (now the Commanders) for just $300,000. By 1985, he owned the whole team. That was just the beginning. Cooke also bought:
- The Los Angeles Lakers (NBA) in 1965 for $5.1 million
- The Los Angeles Kings (NHL) in 1966 for $2 million
- A new stadium, The Forum, which he built in 1967 for $16 million
With those moves, Cooke became a sports empire builder, owning major teams in the NFL, NBA, NHL, and even backing big boxing events like the 1971 Ali-Frazier fight, a pioneer of pay-per-view sports.
The Divorce That Changed NBA History
By the late 1970s, Cooke was riding high with teams, real estate, and media holdings across North America. But then came his 1979 divorce from his wife of 45 years, Barbara Jean Carnegie. It resulted in a then-record $42 million settlement—worth about $185 million today. That forced Cooke to quickly raise cash.
Unfortunately, most of his fortune was tied up in things he couldn’t just sell off instantly, like sports teams. So, to settle the divorce, he sold his crown jewels: the Lakers, the Kings, The Forum, and a massive ranch, all to real estate mogul Dr. Jerry Buss for $67.5 million. Only about $16 million of that was for the Lakers alone.
The Buss Era Begins
Buss’s timing couldn’t have been better. Just months after the purchase, the Lakers drafted Magic Johnson and won a championship in 1980. Over the next 30 years, the team became an NBA juggernaut, winning 10 titles under Buss, thanks to stars like Kareem Abdul-Jabbar, Shaquille O’Neal, Kobe Bryant, and later, LeBron James.
When Jerry Buss passed away in 2013, his six children inherited 66% of the team. In June 2025, they agreed to sell all but 18% to Mark Walter, valuing the team at $10 billion—the most expensive sports sale ever. Each sibling kept a 3% stake, now worth about $300 million apiece.
What Happened to Cooke?
After parting with the Lakers, Cooke held onto the Redskins and focused his energy there. Under his leadership, the team won three Super Bowls and became one of the NFL’s top franchises. He also built a massive 78,600-seat stadium in Maryland that opened in 1997, shortly after his death, and was initially named after him.
Personally, Cooke’s life remained chaotic. He married five times—including remarrying the same woman after a scandalous breakup. Despite the drama, he was a sharp businessman until the end, making major media deals worth over $2 billion in the 1980s and 1990s.
When he died in 1997, Cooke was worth about $825 million. Instead of leaving it to his children, he set up the Jack Kent Cooke Foundation, which still operates today and has awarded over $300 million in scholarships.
As per his will, the Redskins and the stadium were sold off in 1999 to Daniel Snyder for $800 million, then a record NFL deal. Snyder renamed the stadium FedExField, and eventually sold the team in 2023 for $6.5 billion to Josh Harris. In 2024, it was renamed Northwest Stadium after a new sponsorship deal.
A Full-Circle Legacy
Jack Kent Cooke’s 1979 divorce forced the sale of the Lakers—accidentally laying the groundwork for one of the most successful and glamorous franchises in NBA history. Today, with a $10 billion valuation and a new owner in Mark Walter, the Lakers are still living off the momentum that began the moment Cooke walked away.
And for the record, Cooke’s $42 million divorce used to be the most expensive ever… until Jeff Bezos handed over $38 billion in Amazon stock to his ex-wife MacKenzie Scott in 2019. Cooke’s payout wouldn’t even cover Bezos’ legal bill!
