Berger and Chalfen purchased the NBL's disbanded Detroit Gems for $15,000 in 1947, changed their name to the Lakers and relocated them to Minnesota. 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, with 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.As of 2015, the Lakers are the second most valuable franchise in the NBA according to Forbes, having an estimated value of $2.7 billion.
Cooke was a more hands-on owner than Short, and overhauled the team's operations. He personally financed construction of the Forum in 1967 at a cost of $16.5 million. He owned the team until 1979 when he sold it, the NHL's Los Angeles Kings, the Forum, and some real estate to Jerry Buss for $67 million
