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As of 2017, the Lakers are the second most valuable franchise in the NBA according to Forbes, having an estimated value of .0 billion.The franchise began with the 1947 purchase of a disbanded team, the Detroit Gems of the National Basketball League (NBL).Led by Hall of Famers Elgin Baylor and Jerry West, Los Angeles made the NBA Finals six times in the 1960s, but lost each series to the Boston Celtics, beginning their long and storied rivalry.
Led by Lovellette's 20.6 points and 13.5 rebounds, they advanced to the Conference Finals in 1956–57.
The Lakers went on to reach the finals against the New York Knicks where they would avenge their 1970 finals loss by defeating them 4 games to 1.
Chamberlain tallied 24 points and 29 rebounds in game five and won the NBA Finals Most Valuable Player Award.
The new team began playing in Minneapolis, calling themselves the Minneapolis Lakers in honor of the state's nickname, "Land of 10,000 Lakes".
Initially a member of the NBL, the Lakers won the 1948 NBL championship before joining the rival Basketball Association of America and winning five of the next six BAA and NBA championships in Minneapolis after the NBA formed in 1949.