Joshua Kushner, Bob Iger Strike Record $12.5 Billion Lakers Deal

Joshua Kushner, founder of the prominent venture capital firm Thrive Capital, and Bob Iger, the former CEO of The Walt Disney Company, have reached an agreement to acquire the iconic NBA team, the Los Angeles Lakers, for a staggering $12.5 billion. This monumental transaction sets a new record for a professional sports franchise sale, further highlighting the rapidly escalating valuations within the industry. The deal is seen as a significant indicator of Kushner's expanding investment strategy, moving beyond the traditional realm of technology-focused venture capital.

According to deal specifics, Kushner and Iger are purchasing the Los Angeles Lakers from billionaire Mark Walter, who previously held a controlling stake in the club. Walter had acquired the team just 14 months prior for an approximate valuation of $10 billion, realizing a substantial profit of around $2.5 billion in a short period. In a joint statement, Iger and Kushner expressed, “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”. It was reported that the duo initially considered launching an NBA expansion team in Las Vegas but swiftly pivoted to this historic acquisition upon learning of the Lakers' availability. The completion of the deal remains subject to approval by the NBA Board of Governors.

This record-breaking acquisition underscores the extraordinary surge in sports franchise valuations witnessed in recent years. Previous records included the Boston Celtics' sale for $6.1 billion in 2025 and the Charlotte Hornets for $3 billion in 2023. Walter's acquisition of the Lakers for $10 billion last year was also a record at the time, and this new agreement has further raised the bar. Analysts suggest that such large-scale transactions reflect the increasing influx of institutional and billionaire capital into professional sports. Furthermore, it highlights the scarcity of high-profile sports assets and the economic advantages of acquiring an established franchise over founding a new expansion team.

Joshua Kushner's move with Thrive Capital clearly demonstrates the firm's investment focus extending beyond the technology and software sectors. Thrive Capital recently raised an additional $2 billion through Thrive Holdings for AI-backed company roll-ups and has invested in leading artificial intelligence companies like OpenAI. Kushner's other forays into the sports world, such as a previous attempt to acquire a stake in the FIFA World Cup, also indicate his and his firm's interest in diverse asset classes. This trend is considered part of the increasing integration between the entertainment, sports, and finance industries.

Looking ahead, the timing of the NBA Board of Governors' approval for the deal remains a key point of interest. Should the agreement be approved, the commitment of the Los Angeles Lakers' new ownership to compete at the highest level generates significant expectations for the team's future. This record-setting deal is also expected to exert upward pressure on the valuations of other franchises within the NBA and the broader sports landscape. Thrive Capital is anticipated to continue pursuing its investment strategy across varied and diverse asset classes.