Biggest questions after stunning Lakers sale to Joshua Kushner, Bob Iger

Joshua Kushner owns venture capital firm Thrive Capital, which "builds and invests in internet, software and technology-enabled companies," per its minimalist website. His brother, Jared Kushner, is son-in-law to President Donald Trump.

Through Thrive Capital, Kushner, who previously owned a minority stake in the Memphis Grizzlies but sold it in late 2024 for a stake in the Miami Heat, which he'll also need to sell to become Lakers owner, launched Thrive Eternal in May with a focus "on restoring iconic brands." The offshoot initially got into sports with an investment into the San Francisco Giants.

Earlier Wednesday, the New York Times reported that Kushner's Thrive Holdings — "which buys up traditional service providers like accounting business and infuses them with A.I." — received $2 billion in additional investments from SoftBank, D1 Capital Partners and Altimeter Capital to increase its valuation to $12B.

Iger is also a Thrive investor and the former CEO at Disney, initially from 2005-20 and again from 2022 until March 2026. He and wife Willow Bay purchased L.A.-based NWSL franchise Angel City FC in September 2024.

How did Mark Walter investigation impact sale?

The timing of the deal raises its own set of questions.

In late July, the Los Angeles Times reported that Walter, who also owns the Los Angeles Dodgers, is under federal investigation for "over $16 billion in possibly fraudulent loans."

L.A. Times staff writer Laurence Darmiento continued:

"The loans by two Delaware life insurers that Walter owns were made to companies tied to him or his TWG Global holding company but were not disclosed as 'related party' transactions as required, the Wall Street Journal reported Sunday. Related party transactions made by insurers are required to be reported to limit conflict of interest and protect policyholders, who have an interest in the financial strength of their insurers."

It's a complex situation that may not have a quick resolution, and a TWG spokesperson denied any impropriety, telling the WSJ, "Mark Walter and TWG have always acted in good faith."

But Walter's abrupt NBA exit is — as sports journalist Joon Lee noted on social media — hardly "a good sign for how all of that is going."

Shelburne offered a different opinion on ESPN's "First Take," however, noting Walter's $2.5B profit and adding, "When somebody makes you an offer you can't refuse, I think it was a business opportunity he couldn't say no to."

What happens with potential Las Vegas expansion?

Kushner and Iger, Shelburne noted, were one of several groups interested in an expansion Las Vegas franchise, but their pivot to the Lakers opens the door for another bid to be awarded the potential 31st NBA team.

The Sports Business Journal's Tom Friend reported in July the league is looking at an $8 billion valuation from prospective Vegas ownership groups. At the time, the Kushner-Iger pair was one of the top two frontrunners along with the Las Vegas Jacks, led by former Suns owner Jerry Colangelo. Vegas Golden Knights owner Bill Foley was also mentioned as a possibility.

What role does Jeanie Buss have with Lakers?

As NBA insider Marc Stein shared on social media, language in last year's sale to Walter dictated that Buss "would remain Lakers operating governor for five years.

"Fourteen months later...we await clarity on how the team's leadership...structure will look," Stein continued.

In February of this year, Buss, whose father, Jerry Buss, purchased the franchise in 1979, reaffirmed her commitment to her role as governor, telling CNBC, "I expect things to go on and be successful. And you know, I'm not going anywhere."

The dynamic could change with Kushner and Iger as owners. If so, for the first time in nearly a half century, the Buss family won't have a voice in the Lakers organization.

How does Lakers sale tie to controversial proposal from FIFA president Gianni Infantino?

Infantino drew nearly unanimous consternation from the global soccer community after his plan to spin the FIFA World Cup off into its own $20B company was revealed. Per the CBC, Thrive Eternal was one of the intended investors in the offshoot.

With that deal blowing up, Kushner quickly pivoted to the aggressive Lakers offer, one Walter couldn't reject.