Kushner’s Comeback with Lakers Acquisition

Just under two weeks after his $4.2 billion attempt to secure FIFA’s commercial rights fell apart, Josh Kushner is making headlines again.

The 41-year-old venture capitalist has struck a deal with former Disney CEO Bob Iger to purchase the Los Angeles Lakers for an astonishing $12.5 billion.

This new venture places Kushner among the elite in American sports ownership, although he’s not entirely new to the basketball scene.

Previously, he held a minority stake in the Memphis Grizzlies back in 2019 and later acquired a 5% share in the Miami Heat. His wife, model Karlie Kloss, is also a limited partner with the WNBA’s New York Liberty.

With this acquisition, Iger and Kushner are seizing an unexpected opportunity in Los Angeles.

This marks the Lakers’ second significant change in just a year, following Mark Walter’s $10 billion purchase from the Bass family last year.

Billionaire Walter is shaking up the team, reportedly seeking massive profits, even as he faces a federal investigation into his financial activities.

For Kushner, acquiring the Lakers represents a notable recovery after the controversial attempt by Thrive Capital to take over FIFA’s assets, which prompted backlash from UEFA and even hinted at a potential World Cup boycott.

His move into the NBA is largely driven by his background in technology and finance, linking back to his family’s expansive real estate business.

Growing up in a well-off New Jersey real estate family, his father founded Kushner Companies, a billion-dollar development firm. Josh took a different path, establishing Thrive Capital in 2009 while completing his MBA at Harvard.

After a quick spell at Goldman Sachs, dealing with bad debts, he recognized the potential in early-stage tech, leading to a net worth, which Forbes estimates at $5.2 billion.

Kushner didn’t completely leave the real estate sector, co-founding an investment platform called Cadre with his brother Jared in 2014, merging his tech interests with commercial real estate.

Thrive notably doubled its funds before selling Instagram to Facebook, then investing in powerful companies such as Spotify and OpenAI.

Kushner also co-founded Oscar Health in 2012, where he currently serves as vice chairman.

This Lakers deal further solidifies the financial connection between Iger and Kushner. Iger had previously invested in Thrive and they were initially interested in acquiring an NBA expansion team in Las Vegas.

Instead, they decided to act quickly, using Iger’s wealth and Kushner’s new investment vehicle, Thrive Eternal, which aims for long-term stakes in sports and cultural assets.

Thrive Eternal made its initial move into professional sports by obtaining a minority interest in the San Francisco Giants. Rather than waiting on the lengthy NBA expansion process, Kushner and Iger opted to intervene during a crisis in Los Angeles.

Kushner often navigates the political implications of his family name.

His brother Jared is a senior adviser to the former president and married to Ivanka Trump, while their father, Charles, received a presidential pardon and is now the U.S. ambassador to France.

Although Josh identifies as a lifelong Democrat, his family’s political connections have been contentious, contributing to the backlash encountered during his FIFA bid.

Now settled in New York, he’s stepping into the spotlight of the largest media market in the country.

As they make this transition, Iger and Jeannie Buss will continue as general governors of the team for at least five years, ensuring a familiar face leads the Lakers as the new owners take financial reins.