Jack Kent Cooke was best remembered as the LA Lakers Owner; he died on April 6, 1997, due to congestive heart failure, and he was 84 years old during his time of death. Now, Jack’s name is again trending on social media after HBO’s sports documentary Winning Time: The Rise of the Lakers Dynasty aired.
The Documentary reveals the ups and downs of the LA Lakers, and many were surprised to find out why Jack Kent Cooke was forced to sell the team. So here is the answer. In 1979, Jack sold his team to pay a $45 million divorce settlement with his wife, Barbara. According to the report, Barbara received $45 Million in a divorce settlement, and the only way he could stockpile this money was by selling the team.
How Rich was Jack Kent Cooke?
Jack Kent Cooke Net Worth
$800 Million to $900 Million USD
Jack Kent Cooke attended Malvern Collegiate Institute, born in Hamilton, Ontario. At a very young age, Jack wanted to do business. At 14, he worked as a salesman and sold encyclopedias. On the first day itself, he earned 20 Dollars which was his proudest moment, Jack said in an interview.
Later, Jack worked at the Toronto Stock Exchange and then sold soap of Colgate-Palmolive. In 1936, Jack met British newspaper proprietor Roy Thomson. Roy Thomson initially handed over Radio Station CJCS to Jack, then for a few months, Jack ran the Radio Station. Later, Jack and Roy partnered and launched radio stations and newspapers in Ontario and Quebec.
Following next, Jack purchased CKCL and named it CKEY, then in 1948, he bought Liberty magazine along with Roy Thomson and renamed it New Liberty. However, Roy Thomson sold half of the magazine to Kent. Later, Jack acquired the Minor League Toronto Maple Leaf’s baseball club in 1951, and following next year he was named as the minor league executive of the year by The Sporting News.
In 1959, he became one of the founding team owners of the Continental League. Previously, Rick tried to purchase St. Louis Browns, Philadelphia Athletics, and Detroit Tigers but failed to do so. In 1964, Jack sold his minor league Toronto Maple Leaf’s baseball club, and by the end of 1961, he sold his CKEY and Consolidated Press.
Jack moved to the United States and applied for citizenship. Then in 1959, he acquired the radio station KRLA 1110, now called KRDC in Pasadena and California, along with a brother named Donald Cooke. Additionally, he acquired several cable television companies and sold them for $646 Million in the 1970s. He acquired the Los Angeles Daily News for $176 million and the Chrysler Building in New York City.
In September 1965, Jack bought the Los Angeles Lakers for $5 million from Bob Short, an American businessman, sports teams owner, and politician. The Los Angeles Lakers won the 1972 NBA Finals during Jack Kent’s ownership and reached seven NBA Finals. In 1979, Jack sold his team to pay a $45 million divorce settlement with his wife, Barbara.
Looking at his personal life, he was married three times. During his time of death, he was married to Chalmers. From 1995 to 1997, Jack was married to Marlene Ramallo Chalmers and then was married to Suzanne Elizabeth Martin from 1987 to 1988, and Barbara Jean Carnegie from 1934 to 1979.
The estimated Net Worth of Jack Kent Cooke was between $800 Million to $900 Million USD.
(Image Source: PeoPlaid, JKCF)