Dr. Laker
Franchise Player
Joined: 12 Apr 2002
Posts: 17132
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 Posted: Mon Dec 07, 2020 5:39 pm Post subject: |
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| venturalakersfan wrote: | | CandyCanes wrote: | | activeverb wrote: | | CandyCanes wrote: | | 32 wrote: | | I read an article a few days ago that said despite the loss it will have only have minimal effect on the Lakers because they have the Time Warner Cable contract. |
I can't tell if we are a poor franchise (because ownership is relatively poor) or a rich one. |
1. As a fan, it doesn't matter. The Lakers have always been willing to spend on players, which is all that matters.
2. The Buss Family owns 66% of the Lakers. They aren't Mark Cuban rich, but each of them is rich because they were born to the right parents. |
I remember the organization getting cheap with scouts and trainers during the 2011 lockout... |
And during the 3 peat. Too cheap to sign Jones so they traded him for Rice. Too cheap to pay Rice so they traded him for Grant. Too cheap to sign Grant so he walked. Cut Brian Shaw to save money and traded away first round picks to save money. Dr. Buss would pay for stars but cut pennies everywhere else that he could. Considering that he didn’t have Microsoft money to fall back on, it is understandable. |
Dr. Buss over-leveraged (a common trait of gamblers) in the mid 80s and nearly lost the Lakers, which prompted some belt-tightening. He had to sell off a lot of assets and watch his pennies for a while. Add to the fact that ALL 6 of his kids - plus his ex-wife - were on the payroll, plus various and sundry lady friends/mistresses/hangers-on, etc. Now add to it a love of high-stakes gambling . . .
The pro-forma denial by the bank, but it was all true . . .
https://www.latimes.com/archives/la-xpm-1985-02-14-sp-2535-story.html
| Quote: | Jerry Buss and Security Pacific Bank denied a report Wednesday by KCBS (Channel 2) that said the Laker owner has missed payments to the bank on loans of more than $100 million, jeopardizing his Los Angeles sports empire.
Buss, who also owns the Kings and the Forum, said that to his knowledge, he is not behind on the repayment of any loans.
“I am solvent and I am not in default on any loan whatsoever,” Buss said.
KCBS reporter Jim Mitchell said that Buss fell behind on his payments on the Security Pacific loans six months ago and that the bank was considering forcing Buss into bankruptcy.
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Mitchell also said that the bank, while not eager to foreclose on Buss, had contacted Sam Gilbert, a Southern California sports figure and a prominent UCLA booster, about running the Lakers and Kings.
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Buss would not reveal the amount of money he has borrowed from Security Pacific, but said it was “nowhere near $100 million.”
Buss also said that he was not behind in his payments to the bank six months ago, as KCBS reported.
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Buss took out a $28-million loan with State Federal Savings and Loan in Corvallis, Ore., in February, 1984. KCBS said that the collateral for the loan consisted of fixtures and equipment at the Forum, such as seats, the scoreboard and sound equipment.
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Buss and Security Pacific officials modified the mortgage, dating to Oct. 15, 1982, to subordinate the debt to the Oregon loan.
The security on the loans was a leasehold interest in the Forum, held by Buss through his California Sports Inc. The Forum is owned by partnerships that include Buss, real estate developer Frank Mariani and others in a number of limited partnerships.
Additional collateral on Security Pacific’s loan to Buss in 1982 was a variety of Buss-owned real estate in Los Angeles, Santa Monica and Beverly Hills.
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Last October, a Phoenix television station reported that Buss had undervalued some 1,000 houses he owns in the Phoenix area by some $80 a house over the last three years and that he owes the government $240,000 in back taxes.
At the time, Buss called the story “a cheap shot,” the result of a certain vague tax law. Buss said he is in the process of clearing up the matter. |
The reason Jeanie was Doc's favorite was because she really took to the marketing and monetizing of the business. The Forum-naming deal was a game changer for pro-sports, as was Prime Ticket, which Doc created (and had to part out because of his financial issues).
Dr. Buss was a very rich & successful man - and was a couple of different decisions away from being a mega-billionaire.
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On Lakersground, a concern troll is someone who is a fan of another team, but pretends to be a Lakers fan with "concerns". |
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