All the facts and details on Jim Buss, the Los Angeles Lakers part-owner

Jim Buss is a famous American businessman and part-time Los Angeles Lakers owner. He is also a former Chief Executive Officer of the NBA franchise. Jim is the son of former Lakers owner Dr. Jerry Buss. How has all of this success contributed to his net worth and wealth?

Jim Buss began investing in small businesses with his friend from a young age. He continued to tap into more opportunities, becoming one of the wealthiest investors in the NBA. This is the story of the person who transformed the LA Lakers and basketball.

Profile and bio summary

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How old is Jim Buss?

Jim Buss (aged 63 years as of May 2023) was born on 9 November, 1959. James was the second born in his family.

Jim Buss' family

Jim grew up with his elder brother Johnny and younger sisters, Jeanie and Janie. The three siblings lived with their father, Dr. Jerry, who divorced their mother, JoAnn Mueller, in 1972. They have two stepbrothers, Joey and Jesse.

Who is Jim Buss' father?

James' father was a businessman, chemist, philanthropist, and investor. He was the majority stakeholder of the Lakers. Unfortunately, he passed in February 2013 aged 86 due to kidney failure caused by cancer. After Dr. Jerry's death, the Los Angeles Lakers' controlling ownership passed on to his six children with equal interest.

Jim Buss' sister

Jeanie is a sports executive and President of the Los Angeles Lakers. Jeanie Buss began her career in 1981 as manager of the Los Angeles Strings tennis team, then owned by her father. Jeanie later bought the Los Angeles Blades, a roller hockey team, before becoming the president of the LA Lakers in 2020.

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The daughter of Dr. Jerry became the first female owner to win an NBA Championship following the Lakers' victory in 2020. Reportedly, James' sister has a net worth of around $550 million as of 2023.

Jim Buss' career

Buss invested in small businesses with his friend, who died in 1981, leading to the collapse of their ventures. In 1985, his brother, Johnny, was selected president of their father's soccer team, the Los Angeles Lazers. He transformed the franchise and helped reduce its annual losses from $1 million to $500,000. However, the team struggled and folded in 1989.

James next became a horse trainer and received his father's half-dozen thoroughbreds. He struggled with the business and later quit to join the Los Angeles Lakers in the NBA.

When did Jim Buss buy the Lakers?

Jim's father, Dr. Jerry Buss, purchased the LA Lakers from Jack Kent Cooke in 1979. He bought the NBA outfit alongside other Cooke assets in a deal worth $67 million. He introduced his son, James, into the business, in 1988, who began as an apprentice to Jerry West and assistant to Mitch Kupchak.

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In 2000, James was promoted to general manager and later became the vice president of basketball operations in 2005. He was instrumental in signing high school player Andrew Bynum and rehiring Phil Jackson as the team's coach.

Why did Jim Buss leave the Lakers?

Buss built the Lakers into one of the most profitable and popular franchises in the world of sports. However, his sister, Jeanie, fired him as head of basketball operations of the Lakers. She also let go of the team's GM, Mitch Kupchak.

"The way he was operating the team, we were making a nice home at the bottom of the standings year after year. That wasn't the brand that [their father] Dr. [Jerry] Buss created. No one has the formula to win a championship, but you always be relevant and be part of the conversation and give yourself a chance to win." Jeanie said.

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James reportedly also had a dispute with his sister over team ownership. Despite being relieved of his position, Jim Buss' Lakers ownership remains intact as per their father's will, but in a part-time capacity.

Who owns the LA Lakers now?

The Buss family owns 66% majority owner of the Lakers. Jeanie is the team governor and representative at NBA board meetings. She is also the president of the NAB franchise. Other owners with minority stakes are Philip Anschutz, Edward P. Roski, and Patrick Soon-Shiong.

Who is Jim Buss' wife?

The former LA executive vice president is unmarried and has kept his life private. According to reports, he was once married and tied the knot in 1983 with a lady whose identity is unknown. Buss gained sole custody of their son after their divorce was finalised.

Jim Buss' son

The famous sports businessman has a son, Jager, whom he adopted with his ex-wife shortly after they married. He also has two daughters, Micaela and Milahna Buss.

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Jim Buss' net worth

James has earned an estimated net worth of $150 million from his business investments and inheritance of his father's assets. Dr. Jerry had a net worth of $600 million, which was distributed to his six children.

Jim Buss is a visionary sports investor who changed basketball. He made decisions that benefited the Lakers team in the long and short run. Sources state the feud with his sister forced him to take action against her, and vice versa.

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