Bob Iger and Joshua Kushner have made a shocking play for the Lakers. JASON SZENES/ NY POST While it’s been widely reported that Bob Iger and Joshua Kushner are buying the Lakers for $12.5 billion — it’s unclear so far who else is putting in money for the team as part of their powerful ownership group.
The question has led to some speculation, since the duo doesn’t have enough to personally pay for the team — and a single fund is reportedly only allowed to acquire up to 20% stake in a franchise, according to NBA rules.
(Teams are allowed to sell up to 30% of their equity to institutional investors in aggregate, according to rules saying investment funds can buy stakes in as many as eight different NBA franchises.)
Neither Iger nor Kushner could personally write a check large enough to cover the Lakers’ $12.5B sale.
Forbes estimated Iger’s net worth at $690 million in 2019. It hasn’t re-analyzed his fortune since. But even accounting for $118.4 million in salary over the ensuing years, according to public filings, plus Disney stock — Iger’s total wealth would likely hover around $900 million.
Last month, Forbes ranked Kushner as the 795th richest person in the world with a net worth of $5.2 billion, still less than half of the reported $12.5 billion price tag for a majority 85% stake.
Kushner’s Thrive Capital manages a reported $50 billion. A representative for the New York-based venture capital firm says financing will include “outside investment” that may include Thrive Eternal, a capital holding company launched in April.
On Monday, we exclusively reported that Joshua’s brother, former senior White House advisor Jared Kushner — who is reportedly worth $1 billion — was eyeing real estate in Malibu the same week that the Lakers sale was announced.
That naturally had some wondering whether Jared would be part of the ownership group, since the brothers have worked together on business ventures in the past. (A Thrive rep says Jared will not be involved.)
When ESPN, which Iger was intimately involved with as CEO of Disney, broke the news that Iger and Kushner were buying the team, the economics of the deal were not spelled out. And that’s to say nothing of Monday’s news that Iger and Kushner’s group is also buying the Buss Family Trust’s 17.8% stake.
According to previous breakdowns of the team’s ownership: embattled Guggenheim Partners CEO Mark Walter owns 58%, Jerry Buss Family Trusts 15%, Eldridge Industries billionaire Todd Boehly 12%, Los Angeles Times owner Patrick Soon-Shiong 4% and longtime minority owner Ed Roski Jr. 3%.
Another 8% is held through legacy or affiliated ownership entities that have not been publicly disclosed, though they presumably include the Buss family and Walter.
And now there’s even more ambiguity after team governor Jeanie Buss challenged her brothers’ attempt to sell the family’s 17.8% stake, news that also first surfaced in ESPN.
Her attorneys at Sheppard Mullin slammed the ESPN piece in a letter to her brothers’ attorneys obtained by Page Six Hollywood.
The letter states: “Shams Charania of ESPN falsely reported that the six Buss siblings voted to sell the 17.8% ownership stake in the Lakers to Josh Kushner and Bob Iger, and that my client, Jeanie Buss, is ‘out’ as controlling owner. This is just the latest instance of a years-long pattern whereby Joey and Jesse Buss leak false, defamatory and pernicious ‘information’ to Mr. Charania for the malicious purpose of doing harm to the Los Angeles Lakers so long as Dr. Buss’s chosen successor, Jeanie Buss, carries out her father’s wishes.”
The spirited letter adds: “In any event, any ‘vote’ by any of the Buss siblings would be and is void ab initio… The Co-trustees of the Trust are hereby instructed to take all actions reasonabl[y] available to them, including voting the Trust’s shares, to ensure that [Jeanie Buss] is elected as the Controlling Owner of the Lakers on an annual basis during [Jeanie Buss’s] lifetime absent a further order of this Court modifying the Trust based upon proof of circumstances justifying the modification under applicable law.”
Meanwhile, the rest of the Buss family has made it clear they aren’t backing down. Stay tuned….
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