RESOLVING THE LEDGER
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For a billionaire and a tech investor who also has one of the U.S.’ best-known surnames, Josh Kushner has managed to stay off the front pages and out of the world’s broader discourse to a remarkable degree.
That’s all changed this summer, at least in the parts of the world with a passion for sports.
The 41-year-old Kushner and his partner, former Disney CEO Bob Iger, reached a stunning agreement this week to buy the NBA’s Los Angeles Lakers from Mark Walter at a valuation of $12.5 billion — the highest ever for a team sports sale.
It’s been a wild two weeks for the 41-year-old Kushner, who followed up his failed attempt to purchase a stake in future World Cup profits in a much-criticized plan orchestrated by FIFA President Gianni Infantino by acquiring the glamorous Lakers in a shockingly swift deal.
Until this month, many people didn’t even know that Jared Kushner — President Donald Trump’s son-in-law and his longtime lieutenant in government — had a younger brother with a thriving business empire, a supermodel wife and a passion for basketball.
While Josh Kushner avoids the spotlight and rarely grants interviews, the success of his venture capital investment firm, Thrive Capital, has boosted him to mogul status in the past few years. Forbes estimates Kushner’s net worth at about $5 billion.
Kushner’s partner in this historical venture is no secret to anybody, at least in Los Angeles or the entertainment industry or the larger business world. The 75-year-old Iger ran The Walt Disney Co. for two stints over the past two decades, leading the Hollywood behemoth into the streaming age before he stepped away from the Mouse earlier this year.
Los Angeles is still reeling from the surprise of this deal: Just 10 months after Walter — the owner currently presiding over the renaissance of the back-to-back World Series champion Dodgers — formally took control of the Lakers, he essentially flipped them for a possible multibillion-dollar profit to two new owners with none of Walter’s sports ownership experience or credibility among Southern California fans.
So who are the two men suddenly in charge of LA’s 17-time NBA championship team?
Kushner and Iger were reportedly introduced by their significant others
The son of a real estate mogul, Kushner founded Thrive Capital in 2009 and health insurance company Oscar Health in 2012. Thrive Capital grew with early investments in OpenAI and SpaceX, among other tech companies. He remains close with OpenAI CEO Sam Altman.
Kushner and Iger reportedly first met eight years ago after they were set up by Iger’s wife, Willow Bay, and Kushner’s then-girlfriend, Karlie Kloss, whom he has since married. What started as a friendly mentorship turned into a business relationship shortly before Iger left Disney for the first time.
Iger joined Thrive Capital in 2022 as a venture partner, with Iger connecting Kushner to the broader business world while Kushner educated Iger on the tech world. Iger left only months later to go back to Disney for another stint, but he stayed in close contact with Kushner, and they teamed up again this year.
The new owners pounced quickly upon hearing about possible sale
Iger confirmed to the California Post on Wednesday that he had teamed with Kushner on pursuing an NBA expansion team in Las Vegas, only to pivot dramatically last weekend when they learned Walter might be looking to sell the Lakers.
“We immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it,” Iger said. “The deal came together in three days. It’s that simple.”
Iger acknowledged that the deal was finalized so quickly that he and Kushner hadn’t had time to make any long-term plans for the Lakers.
New owners have basketball backgrounds, but not with the Lakers
Kushner is new to the Lakers, but not to the NBA. He once owned a minority stake in the Memphis Grizzlies, but sold it to buy into the Miami Heat. He’ll have to sell that stake to complete his purchase of the Lakers. Kushner and Kloss also have been spotted frequently at Knicks games.
Iger is a longtime basketball aficionado — NBA Commissioner Adam Silver reportedly introduced him to Bay, a former NBA journalist, 30 years ago — but his particular background makes his Lakers ownership a bit strange.
Iger grew up a Knicks fan, and after he moved to Los Angeles, he decided he couldn’t support the rival Lakers — so he became one of the Clippers’ most prominent fans, buying season tickets and forming a friendship with former point guard Chris Paul.
Kushner’s political beliefs differ from his brother and father
Thousands of Lakers fans in progressive Los Angeles reacted with a raised eyebrow when they learned the name of their team’s primary new owner Wednesday, but it’s not that simple.
Kushner’s surname is indeed among the most politically weighted in the world, but Josh Kushner and Kloss both have publicly said they don’t share the conservative beliefs currently espoused by his brother and their father, Charles Kushner.
Josh Kushner has repeatedly donated to progressive political candidates, and he once stated in an interview that “liberal values have guided my life.” Kloss is an outspoken advocate for reproductive rights and other progressive causes.
Iger has described himself as a political independent with progressive personal views. He briefly served in a business advisory forum for Trump in 2017 before resigning over his beliefs in environmental conservation.
This story was originally featured on Fortune.com
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