sports
Iger-Kushner group explores Las Vegas NBA stake as league weighs expansion
Bob Iger and Josh Kushner are weighing a bid for a majority stake in a potential NBA expansion franchise in Las Vegas through Thrive Eternal. The NBA Board of Governors voted in March to study expansion there and in Seattle, with a decision expected by year end. Multiple other groups are also pursuing the opportunity.
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Bob Iger and Josh Kushner have enlisted bankers to explore acquiring a majority stake in a potential NBA expansion team in Las Vegas, nypost.com reported. The effort would proceed through Thrive Eternal, Kushner’s new long-term investment vehicle focused on sports teams and cultural assets. No bid price has been disclosed.
The NBA has not yet approved a Las Vegas franchise. The NBA’s Board of Governors voted in March to study expansion in Las Vegas and Seattle. Commissioner Adam Silver said the league aims to decide by the end of the year whether to add one franchise, two franchises or none.
Iger rejoined Thrive as an adviser after stepping down as Disney CEO in March. His prior ties to the firm include serving as a venture partner after retiring from Disney in 2022 and remaining an investor after a 2023 syndicate purchase of a minority stake in Thrive Capital. Thrive Eternal’s first announced investment was a minority stake in the San Francisco Giants.
Thrive Capital bought a small stake in the Miami Heat last year. The Iger-Kushner group would compete with others. Vegas Golden Knights owner Bill Foley unveiled an expansion effort earlier this month to base a team at T-Mobile Arena.
Basketball Hall of Famer Magic Johnson has been linked to a separate ownership group. LeBron James said earlier this year he was not pursuing a Las Vegas ownership bid. Iger and his wife Willow Bay acquired a controlling stake in the National Women’s Soccer League’s Angel City FC.
Josh Kushner has a net worth exceeding $5 billion, according to Forbes. Thrive declined to comment.
