Former Walt Disney CEO Bob Iger and billionaire Thrive Capital founder Joshua Kushner are reportedly considering a bid for a Las Vegas NBA expansion team. This involvement brings renewed attention to Disney and its continued influence in the sports and entertainment world.
Iger and Kushner have retained investment bankers for a potential bid through Thrive Eternal, Kushner’s investment firm focused on brands and cultural assets, according to Bloomberg. A source familiar with the NBA expansion confirmed their interest in Las Vegas to the Review-Journal. However, the source gave no additional details.
Iger and Kushner are seeking majority ownership of the team. The expected expansion fee ranges from $7 billion to $10 billion. This is a sum reminiscent of the kind of capital that companies like Disney can command in major deals.
According to Forbes, Kushner’s net worth is $5.2 billion and Iger’s is $690 million. Thrive manages approximately $25 billion in assets.
Last week, Golden Knights owner Bill Foley announced his bid for a Las Vegas NBA franchise. If successful, the team would share T-Mobile Arena with the Knights. The 10-year-old facility would undergo renovations costing hundreds of millions of dollars.
Another group considering a Las Vegas NBA expansion bid is the Magi, led by former NBA star and multi-team owner Earvin “Magic” Johnson. Notably, the history of Disney with sports ownership has set some precedents for major league investments.
Southern Nevada offers more than 10 potential sites for an NBA-ready arena. However, currently only T-Mobile Arena is available to host NBA games. Las Vegas and Seattle are being considered for potential expansion teams.
An update on the process is expected next month in Las Vegas after the NBA board of governors meetings during NBA Summer League. Clearly, the Disney brand remains relevant in discussions around sports franchise ownership. The NBA expects to decide on expansion to either city by the end of the year.
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Eric Butler is a Contributor for Dice City Sports. You can follow him on Instagram and X via @ReportandOpine
