Josh Kushner, a 41-year-old billionaire and tech investor, has purchased the Los Angeles Lakers along with his partner, former Disney CEO Bob Iger, for $12.5 billion. This deal marks the highest valuation for a team sports sale.
Kushner’s Background
Kushner, the younger brother of Jared Kushner, has managed to stay out of the spotlight despite his successful business ventures. He founded Thrive Capital in 2009 and health insurance company Oscar Health in 2012. Kushner has also invested in several tech companies, including OpenAI and SpaceX.
Kushner’s partner, Bob Iger, is a well-known figure in the entertainment industry. Iger served as the CEO of The Walt Disney Company for two stints over the past two decades. He and Kushner met eight years ago and have since developed a business relationship.
The Purchase
The purchase of the Lakers was a surprise move, as the team’s current owner, Mark Walter, had only taken control of the team 10 months prior. Iger confirmed that he and Kushner had initially been pursuing an NBA expansion team in Las Vegas but decided to pursue the Lakers when they learned the team might be for sale.
The deal was finalized in just three days, with Iger stating that they had not had time to make any long-term plans for the team. Kushner will have to sell his stake in the Miami Heat to complete the purchase of the Lakers.
Original reporting: NBC4 Los Angeles — read the source article.
