Josh Kushner and Bob Iger are set to purchase the Los Angeles Lakers for an unprecedented sum of $12.5 billion, according to reports from ESPN. This acquisition surpasses the previous record held when Mark Walter acquired the team for $10 billion just one year prior. Both Kushner and Iger have expressed their ambition to elevate the team’s performance and ensure they compete at the highest levels within the league.
The deal marks a significant shift in the ownership of one of the most storied franchises in sports history.Josh Kushner is the founder and managing partner of Thrive Capital, a venture capital firm recognized for its early investments in prominent startups over the past decade, including major players like Instagram, Spotify, Stripe, and OpenAI.
In January 2023, Thrive Capital achieved a remarkable valuation of $5.3 billion following a substantial $175 million funding round, with Kushner noted to hold a significant 66% ownership stake in the firm. The firm’s diverse investor base features notable figures such as Disney CEO Bob Iger, as well as billionaires like Henry Kravis, Mukesh Ambani, Jorge Paulo Lemann, and Xavier Niel, reflecting its strong position in the venture capital landscape.
Joshua Kushner
Joshua Kushner, born on June 12, 1985, in Livingston, New Jersey, is a prominent American businessman and venture capitalist. He is best known as the owner of the Los Angeles Lakers and as the founder and managing partner of the venture capital firm Thrive Capital. Additionally, he is the co-founder and vice-chairman of Oscar Health. As the youngest son of Charles Kushner and the younger brother of Jared Kushner, Joshua has maintained a significant presence in both the business and philanthropic sectors.
Josh Kushner entrepreneurial ventures extend to being a co-founder of Vostu, a developer of social games, which highlights his diverse interests in technology and innovation. His educational background is notable; he graduated from Harvard College in 2008 and later earned his MBA from Harvard Business School in 2011. Growing up in a Jewish family, Kushner’s upbringing and educational accomplishments have shaped his career trajectory and influence within various industries. Josh Kushner
Josh Kushner and Iger Join $10 Billion Lakers Deal as Major Investors Back the Franchise
Adding to the context of high-stakes investments, billionaire Mark Walter made headlines for acquiring a majority stake in an NBA team from the Buss family for a valuation of $10 billion; this agreement received approval from the league’s board of governors in October of the previous year, marking a significant moment in sports ownership. Overall, Thrive Capital’s influence and Kushner’s strategic decisions continue to shape the future of tech investments. Josh Kushner
Thrive successfully raised $5 billion for its ninth fund in August 2024, bringing the firm’s total asset management to approximately $25 billion. Notably, the firm has ties to liberal investor Kushner, who co-founded a health insurance company based on the Affordable Care Act (Obamacare) prior to the presidency of Donald Trump, Jared Kushner’s father-in-law.
In a statement reflecting their commitment to the Los Angeles Lakers, Kushner and fellow investor Iger expressed deep honor in taking on the stewardship of this prestigious franchise, acknowledging the foundational work of its previous leadership, Jerry and Jeanie Buss. They emphasized a long-term dedication to enhancing the team’s competitive edge, serving its fans, and positively impacting the city of Los Angeles. Josh Kushner
Lakers Begin New Era as Mark Walter Takes Ownership of the Historic Franchise
Walter expressed gratitude to the Buss family and the team’s fans in a statement made on Wednesday. He described owning the Los Angeles Lakers as one of the great honors of his life, characterizing it as an extraordinary investment. However, he emphasized that what he will cherish most is the sense of community, the dedication of the fans, and the connection with a city that regards the team as part of its family. Josh Kushner
In a heartfelt statement, gratitude was expressed towards Jeanie Buss, the Buss family, the players, and staff for embracing this new chapter in their journey. Emphasizing the deep connection between the Lakers and Los Angeles, confidence was conveyed that there are greater achievements ahead for the team. Additionally, it was noted that the individual mentioned is related to Jared Kushner, Donald Trump’s son-in-law, while Bob Iger’s previous role as Disney’s CEO adds to the context. Josh Kushner
The Los Angeles Lakers, a prestigious franchise in North American sports, have a rich history defined by 17 NBA championships, second only to the Boston Celtics. Although the team’s most recent championship win occurred in 2020 and they have recently moved on from LeBron James, they continue to be a major attraction in U.S. sports, primarily led now by the talented Slovenian player Luka Dončić.