Page "Los Angeles Lakers" Paragraph 60

Berger and Chalfen purchased the NBL's Detroit Gems for $ 15, 000 in 1947, relocated them to Minnesota, and changed their name to the Lakers.

Max Winter bought a third of the club in their early years, and sold his share to Mikan in 1954.

Berger bought Mikan's share in 1956 giving him a controlling ( 2 / 3 ) interest.

After Mikan retired, attendance plummeted and the team lost money for several seasons, leading the ownership group to put the team up for sale in 1957.

Marty Marion, a retired baseball player and manager, and his business partner Milton Fischman attempted to purchase the team with the intention of moving the club to Kansas City.

Mikan offered to mortgage his home in an attempt to buy the team and keep the club in Minnesota.

The Lakers were sold to a group of investors led by Bob Short however.

The team was sold to Short's group with the agreement that it would not be relocated to Kansas City but kept in Minnesota.

Short's ownership group consisted of 117 Minnesota businesses and private citizens, who amassed a total of $ 200, 000 for the purchase ; $ 150, 000 to buy the team and $ 50, 000 to run it.

By 1958 Short had become 80 % owner of the team by buying out his partners, but the team was floundering.

Attendance remained poor, and the NBA had put the Lakers on " financial probation ", notifying them that if they did not meet certain ticket sales numbers they could be bought out by the league and relocated.

Short was forced to move the team to Los Angeles in 1960 ; the club had lost $ 60, 000 in the first half of the 1959 – 60 season alone.

The NBA's owners originally voted 7 – 1 against the move.

When Short indicated that he might take the team to new rival league that was developing however, the owners held another vote that same day and allowed the relocation ( 8 – 0 ).

Aided by Baylor's drawing power, and the new locale, the team's finances improved when they arrived in LA.

Short sold the team to Washington Redskins owner and publisher Jack Kent Cooke in 1965 for a then league record amount of $ 5, 175, 000.

Short insisted the deal be conducted in cash as he was wary of Cooke, so guards transported the money in a cart from one New York bank to another.