Bob Iger is reportedly envisioning a new Magic Kingdom in Las Vegas, which includes the possibility of launching an NBA franchise.
Josh Kushner, who founded Thrive Capital and is the brother of Jared Kushner, has brought in bankers to investigate acquiring a majority stake in a prospective expansion team in Las Vegas. This information comes from a source familiar with the discussions, as noted by Bloomberg on Monday.
The specific bid amount has not been revealed, and as of now, the NBA hasn’t officially approved any franchise in Las Vegas.
The acquisition strategy will be carried out through Thrive Eternal, Kushner’s long-term investment initiative aimed at securing stakes in sports teams and cultural brands that can withstand the test of time and technological shifts.
Iger rejoined Thrive as an advisor after stepping down from his role as Disney’s CEO back in March.
This potential bid is part of a larger competition for one of the most sought-after opportunities in professional sports ownership.
In March, the NBA’s Board of Governors voted to look into expansion possibilities in Las Vegas and Seattle. Commissioner Adam Silver mentioned that a decision could be made by the year’s end regarding whether to add one, two, or no franchises.
Las Vegas has been seen as a prime candidate, having evolved into a prominent destination for the NBA.
The city hosts the league’s annual summer league and has venues like T-Mobile Arena, which are ready for NBA action.
The Iger and Kushner partnership will face tough competition as Bill Foley, owner of the Vegas Golden Knights, is also pursuing the same opportunity. Just recently, he announced his plans to secure a franchise based at T-Mobile Arena.
Additionally, Magic Johnson has shown interest in another group that is looking to bid for an expansion team in Las Vegas.
Even LeBron James, who has hinted at wanting to own a team in the city for some time, dampened speculation earlier this year, stating he isn’t seeking ownership.
Iger’s latest venture reflects his ongoing interest in sports investments since leaving Disney in March. Over the years, he played a significant role in transforming Disney into a media giant through key acquisitions, including Pixar, Marvel, and Lucasfilm, while also nurturing ESPN’s long-standing relationship with the NBA.
After his time at Disney, Iger, along with his wife, took a controlling stake in Angel City FC of the National Women’s Soccer League.
His association with Kushner has grown stronger in recent years. Iger joined Thrive Capital as a venture partner after retiring from Disney in 2022 and later returned to the board when he was rehired.
Even with his return to Disney, Iger has maintained his role as an investor in Thrive, especially after being part of a group that acquired a minority share in the firm in 2023.
This spring, he re-entered the venture with the launch of Thrive Eternal and the announcement of a minority investment in the San Francisco Giants.
Additionally, Thrive Capital quietly secured a small stake in the Miami Heat last year.
Kushner has transformed Thrive into a significant player in Silicon Valley through early investments in companies such as Instagram and OpenAI and has expanded his interests in sports and entertainment beyond traditional investment avenues.
Thrive has chosen not to comment on the matter. The publication has reached out to both Iger and the NBA for their insights.
