Joshua Kushner has agreed to buy the Los Angeles Lakers alongside Bob Iger in a blockbuster deal valuing the franchise at $12.5 billion. The deal follows weeks after Kushner’s ambitious bid to acquire a stake in FIFA’s commercial rights crumbled under intense scrutiny from the global football establishment.
The younger brother of Jared Kushner also holds very different political views from his Republican in-laws.
Joshua Kushner And Bob Iger Strike Lakers Deal
Joshua Kushner and former Disney CEO Bob Iger have agreed to acquire a controlling stake in the Los Angeles Lakers, according to reports.
The blockbuster deal values the iconic 17-time NBA championship franchise at a record $12.5 billion. It comes just over a year after the team’s longtime owners, the Buss family, sold a controlling stake to billionaire Mark Walter at a $10 billion valuation.
The agreement is expected to progress pending due diligence by Kushner’s Thrive Eternal investment group and approval from the NBA’s Board of Governors.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” the partners said in a statement to Variety.
“We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles,” they added.
Kushner’s Lakers Move Follows FIFA Fiasco
The transaction comes on the heels of a tumultuous summer for Kushner’s sports investment arm, Thrive Eternal.
Last month, his investment vehicle fronted a proposed multibillion-dollar plan, dubbed FIFA Forward Enterprise, to acquire a minority commercial stake tied to the FIFA World Cup. The controversial proposal put Joshua at the heart of discussions over how outside capital could gain access to FIFA’s biggest competitions, raising questions about transparency.
The proposal triggered severe backlash from continental governing bodies, including UEFA, which threatened a boycott. FIFA president Gianni Infantino eventually scrapped the plan as opposition mounted across the sport.
Donald Trump Distanced Himself From Kushner’s FIFA Deal
Reports claimed that figures close to the Trump administration were also consulted on the wider proposal, further intensifying accusations that the president was blurring the lines between his official duties and personal relationships.
However, Trump insisted he had nothing to do with the collapsed deal, per Reuters. Speaking to reporters at Camp David, he said he never discussed the plan with Infantino.
The optics nevertheless attracted attention because Trump and Infantino have grown increasingly close in recent years, with the FIFA boss even awarding the billionaire politician the inaugural FIFA Peace Prize.
Their relationship also sparked controversy during the World Cup after Trump successfully appealed a red-card suspension handed to USMNT star Folarin Balogun.
Joshua Kushner Has Been Building A Sports Empire
Kushner’s politics are very different from those of his Republican first-family in-laws. He is a longtime Democrat and has regularly donated to Democratic candidates and causes, including $250,000 to the Growth Democrats political action committee during the 2024 election cycle.
His investment portfolio has also become increasingly focused on sports. He holds a stake in the NBA’s Miami Heat, which he is expected to divest, and previously owned a stake in the Memphis Grizzlies. His wife, Karlie Kloss, is also part of the ownership group behind the WNBA’s New York Liberty.
Kushner reached a preliminary agreement to buy the Miami Marlins for $1.6 billion in 2017, but the deal never materialized. More recently, he announced in April that he was in line to acquire a stake in the San Francisco Giants, further expanding his footprint in professional sports.
Jared Kushner Has Drawn Heat Over His Own Investments
Josh’s investment strategy differs somewhat from that of his older brother Jared, who leads Affinity Partners, the Miami-based private equity firm he founded in 2021.
The firm manages about $6.2 billion in assets and is heavily backed by sovereign wealth funds from Saudi Arabia, Qatar, and the United Arab Emirates. Its portfolio focuses on major international, technology, and financial investments.
Jared, who is married to Trump’s daughter Ivanka, came under scrutiny earlier this summer when protests erupted in Albania over plans for a luxury resort development in an environmentally sensitive area. Thousands joined demonstrations as opposition to the project intensified, per The Guardian.
At the time, Albania’s special anti-corruption prosecution body, SPAK, launched an investigation connected to a controversial legislative change that critics said helped clear the way for the project.
The Josh Kushner Pivots To $12.5B Lakers Investment After FIFA Deal Collapse first appeared on The Blast