Bouncingback from FIFA fiasco, Josh Kushners Lakers buy continues long winning streak
Less than two weeks after European soccer bosses torpedoed his $4.2 billion power play for FIFA’s commercial rights, Josh Kushner is bouncing back big-time.The 41-year-old venture capitalist agreed to buy the Los Angeles Lakers with former Disney CEO Bob Iger for a record $12.5 billion on Wednesday.The transaction propels Kushner into the highest echelon of American sports ownership, though he isn’t a stranger to the league.He briefly held a minority stake in the Memphis Grizzlies in 2019 before taking a 5% piece of the Miami Heat.His wife, model Karlie Kloss, is also a limited partner in the WNBA’s New York Liberty.Now, Kushner and Iger are capitalizing on a sudden opening in Los Angeles.
The blockbuster acquisition marks the second time the Lakers have changed hands in just 12 months, following Mark Walter’s $10 billion buyout of the Buss family last year.Walter, the billionaire Guggenheim Partners CEO, is flipping the franchise for a staggering profit just as he reportedly faces a federal probe into his financial empire.For Kushner, securing the Lakers is a highly visible rebound following the collapse of his Thrive Capital bid to control FIFA’s commercial assets.That proposal sparked immediate backlash from UEFA and threats of a World Cup boycott, forcing Kushner into a quiet retreat from the global soccer stage.His path to the NBA’s most valuable market is rooted primarily in tech and finance, and intersects with his family’s sprawling property empire.Born into a prominent New Jersey real estate family, his father, Charles, founded the multibillion-dollar developer Kushner Companies in 1985.
Josh Kushner famously charted his own course, launching Thrive Capital in 2009 while still earning his MBA at Harvard.After a brief stint in distressed debt at Goldman Sachs, he built a net worth Forbes now estimates at $5.2 billion by spotting early-stage tech growth.But he also kept a hand in his family’s traditional domain, co-founding the real estate ...