Walt Disney Co. tried to buy the Los Angeles Lakers in 1996, figuring that such a transaction would transform the National Basketball Association club into "the world's most recognized team."
Former Disney president Michael Ovitz disclosed the media company's interest in buying the team during testimony in the trial of an investor suit seeking to recover his $140 million severance package. Investors say the former talent agent wasn't entitled to the payment from Disney because he should have been fired for poor performance and other problems after 15 months on the job.
Mr. Ovitz said on the witness stand Friday that he met with Lakers owner Jerry Buss to discuss the purchase of the team.
A draft of a letter from Mr. Ovitz to Mr. Buss that was never sent was entered as evidence. "Jerry, the climate for a change has never been better," the letter said. "Our broadcast holdings and worldwide marketing ability could transform the Lakers from L.A.'s most popular team to the world's most recognized team."
Disney bought a controlling interest in baseball's Anaheim Angels in 1996, three years after acquiring hockey's Mighty Ducks of Anaheim, hoping the teams would provide programming for its television and radio stations.
Disney sold the Angels last year and is trying to shed the Ducks, too.
In the letter, Mr. Ovitz went on to say that after reflecting on his last meeting with Mr. Buss, he remained "committed to continuing our course of a purchase of the Los Angeles Laker organization."
Disney spokeswoman Michelle Bergman didn't return a call seeking comment on Mr. Ovitz's testimony. Mr. Buss couldn't be reached to comment through his spokesman, Bob Steiner.
Mr. Buss bought the Lakers in 1979 for $67.5 million. The team was valued at a league-high $447 million by Forbes magazine earlier this year.
