Bob Iger, Josh Kushner explore bid for Las Vegas – Business News
Bob Iger is claimed to be eyeing a new Magic Kingdom in Las Vegas — an NBA franchise.
The former Disney boss — and Thrive Capital founder Josh Kushner, brother of President Trump’s son-in-law Jared Kushner — have enlisted bankers as they weigh a push for a majority stake in a potential Las Vegas growth group, Bloomberg reported Monday, citing people conversant in the non-public talks.
No bid price has been disclosed, and the NBA has not but permitted a Las Vegas franchise.
The attainable play would run by way of Thrive Eternal, Kushner’s new long-term investment vehicle aimed toward shopping for stakes in sports activities groups, cultural manufacturers and different belongings constructed to outlast the tech cycle, in keeping with the report.
Former Disney CEO Bob Iger (second from left) and Thrive Capital founder Josh Kushner (far left) are reportedly exploring a bid for an NBA growth franchise in Las Vegas. JASON SZENES/ NY POST
Iger rejoined Thrive as an adviser after stepping down as CEO of Disney in March.
The reported pursuit would mark one other high-profile possession bid in what has shortly turn out to be a crowded race for one of probably the most coveted prizes in skilled sports activities possession.
The NBA’s Board of Governors voted in March to formally research growth in Las Vegas and Seattle, with Commissioner Adam Silver saying the league hopes to find out by the tip of the 12 months whether or not so as to add one franchise, two franchises or none in any respect.
After stepping down as Disney CEO, Bob Iger is reportedly eyeing an NBA franchise in Las Vegas. REUTERS
Las Vegas has long been considered because the main contender after evolving into one of the NBA’s showcase locations.
The metropolis hosts the league’s annual Summer League, staged the NBA Cup’s semifinal and championship video games and already has an NBA-ready venue in T-Mobile Arena.
The Iger-Kushner group would face stiff competitors.
Vegas Golden Knights proprietor Bill Foley unveiled his own growth effort earlier this month, proposing to base a franchise at T-Mobile Arena.
Basketball Hall of Famer Magic Johnson has additionally been linked to a separate possession group exploring a Las Vegas bid.
LeBron James, who for years publicly expressed curiosity in proudly owning an NBA group in Las Vegas, poured cold water on hypothesis about his curiosity earlier this 12 months, saying he was not pursuing an possession bid.
Josh Kushner has a internet value exceeding $5 billion, in keeping with Forbes. Getty Images
For Iger, the trouble would symbolize his newest transfer into sports activities investing after ending his second stint atop Disney in March.
The longtime leisure govt helped rework Disney into a media powerhouse by way of acquisitions together with Pixar, Marvel, Lucasfilm and most of twenty first Century Fox, whereas overseeing ESPN’s decades-long relationship with the NBA.
Away from Disney, Iger and his spouse, Willow Bay, acquired a controlling stake within the National Women’s Soccer League’s Angel City FC.
His relationship with Kushner has additionally deepened lately.
Iger first joined Thrive Capital as a enterprise associate after retiring from Disney in 2022. He famously got here back to Disney’s board when it recruited him to switch Bob Chapek later that 12 months.
Although he returned to Disney, Iger remained an investor in Thrive after becoming a member of a syndicate that bought a minority stake within the enterprise capital firm in 2023.
His return this spring coincided with the launch of a new arm known as Thrive Eternal. Its first introduced investment was a minority stake in Major League Baseball’s San Francisco Giants.
Last 12 months, Thrive Capital quietly purchased a small stake within the NBA’s Miami Heat.
Kushner has constructed Thrive into one of Silicon Valley’s most influential investment companies by way of early bets on corporations together with Instagram and OpenAI, whereas more and more increasing past conventional enterprise investing into sports activities and leisure.
Thrive declined to remark. The Post has sought remark from Iger and the NBA.
