What LA Rises is about is rising out of that and providing mindset of optimism," Newsom said. Last week, Newsom signed a $2.5 billion relief package to aid with recovery efforts.

LA Rises will also receive financial support from California Rises, a statewide recovery initiative founded by the governor and First Partner Siebel Newsom after the 2018 Camp Fire.

Billionaire CEO Mark Walter has struck a deal to buy the LA Lakers for a reported $10 billion, the largest sale of a pro sports franchise worldwide.