Who is Josh Kushner? Venture capitalist partners with Bob Iger in $12.5B Lakers deal
Adam Silver, Joshua Kushner and Bob Iger are seen on Day 10 of the 2025 US Open Tennis Championships at USTA Billie Jean King National Tennis Center on September 2, 2025 in Flushing Meadows, Queens, New York City. (Photo by XNY/Star Max/GC Images)
LOS ANGELES - Billionaire investor Joshua Kushner is taking center stage in the sports business world alongside former Disney CEO Bob Iger.
It was announced on Wednesday that the pair agreed to acquire the Los Angeles Lakers from Mark Walter for $12.5 billion, setting a historical record for a professional sports team buyout.
What we know:
Kushner—a 41-year-old venture capitalist with an estimated net worth of $5.2 billion— is best known as the founder of Thrive Capital (which backed early-stage tech giants like Instagram, Spotify, Stripe, and OpenAI) and co-founder of Oscar Health.
Kushner previously held minority stakes in the Memphis Grizzlies and the Miami Heat, while his wife, supermodel Karlie Kloss, holds a limited partnership stake in the WNBA's New York Liberty.
RELATED COVERAGE: Mark Walter sells Lakers for record-breaking $12B: report
The younger brother of Jared Kushner, son-in-law to President Donald Trump, Kushner recently thrust himself into the international sports spotlight when Thrive Eternal was tapped as the anchor investor in FIFA President Gianni Infantino's proposal to sell stakes in future World Cup profits—an initiative Infantino ultimately abandoned on July 31.
Iger, 75, became one of Hollywood’s most well-known executives while he ran Disney for two lengthy stints between 2005 and last March, when he stepped aside. Iger and his wife, former sports journalist Willow Bay, became the controlling owners of NWSL team Angel City FC in 2024 with a deal that valued the club at $250 million.
Before pivoting to the Lakers, Kushner and Iger had been actively exploring ownership of an NBA expansion franchise in Las Vegas. By buying the Lakers, they don’t have to wait until the possibility of expansion in the 2028-29 season at the earliest.
Dig deeper:
The $12.5 billion sale involves current owner Walter—CEO of Guggenheim Partners—who acquired the franchise for $10 billion barely a year ago.
Neither the Los Angeles Dodgers nor the WNBA's Los Angeles Sparks are included in the deal.
Walter’s abrupt decision to sell his controlling stake in the Lakers after just 10 months of ownership comes as Igher and Kushner push the franchise's record valuation past last year's $10 billion mark.
The sale sent shockwaves through a fan base that enthusiastically welcomed Walter following his championship success with the Dodgers, where he led the team to three World Series titles in six seasons.
However, the unexpected transaction follows recent reports revealing that Walter's business empire is under scrutiny from federal prosecutors and the Securities and Exchange Commission over tax fraud investigations.
What we don't know:
It's unknown how quickly the NBA’s Board of Governors will move to approve the sale.
Details are limited regarding whether Kushner's firm will seek future international sports investments following a halted effort where FIFA sought to sell a minority stake in the World Cup to Thrive Capital, a plan paused after backlash from European, North American, and Asian soccer leaders.
When Walter bought his controlling interest in the Lakers, the deal specified that Jeanie Buss would stay on as the team’s governor. With new ownership, it’s unclear whether Buss will have a continuing role in the team she inherited along with her siblings from her father, Jerry Buss, who died in 2013.
What they're saying:
In a joint statement, Kushner and Iger highlighted their commitment to the franchise:
"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," Kushner and Iger wrote. "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."
What's next:
The sale will still need approval from the NBA’s board of governors, and that process could take several weeks. The next board meeting is set for September in New York.
The Source: Information regarding the acquisition was first reported by ESPN, with executive statements supplied directly by representatives for Josh Kushner and Bob Iger. Details covering Kushner's financial background, venture holdings, and executive career were drawn from public financial estimates as reported by Forbes and FOX Business. The Associated Press contributed.