Josh Kushner and Bob Iger pursue $12.5 billion purchase of Los Angeles Lakers

Former Disney CEO Bob Iger and venture-capitalist Josh Kushner have announced a $12.5 billion agreement to acquire the Los Angeles Lakers, the NBA franchise’s highest-priced sale to date. The transaction was disclosed on August 12, the same day Kushner’s investment vehicle Thrive Holdings raised $2 billion at a $12.5 billion valuation, according to a filing that listed SoftBank among the investors.

Kushner, whose firm Thrive Capital has seen assets under management rise to more than $65 billion – nearly triple the level a year earlier – has built a portfolio that includes stakes in OpenAI, SpaceX and other high-growth technology companies. In a letter to investors, he said the firm’s gains are driven largely by investment performance, noting that “more than half” of its assets are the result of investment gains and that the funds have returned an average of 33 % per year after fees.

The Lakers deal may face a hurdle after a lawyer for the team’s controlling governor, Jeanie Buss, said she had not secured agreement from her siblings on selling their collective 17.8 % stake. If the sale proceeds, Kushner and Iger could structure up to 90 % of the purchase price as “intangible” assets for tax amortization, a strategy previously used in high-value sports acquisitions.

Kushner’s net worth is estimated at $16.7 billion, up from $5.2 billion a year earlier, reflecting the appreciation of Thrive’s holdings and recent gains from SpaceX and other portfolio companies. He also retains a small stake in the Miami Heat, which would need to be divested before the Lakers acquisition is finalized. A representative for Kushner declined to comment on the transaction.