Former Disney CEO Bob Iger and Thrive Capital founder Josh Kushner are reportedly exploring a bid for a majority stake in a potential Las Vegas NBA expansion team. The pair have enlisted bankers as they weigh the potential acquisition, according to a report from Bloomberg citing individuals familiar with the private discussions.
No bid price has been disclosed, and the NBA has not yet officially approved a Las Vegas franchise. The potential endeavor would operate through Thrive Eternal, Kushner's investment vehicle designed for acquiring stakes in sports teams and other assets. Iger rejoined Thrive as an advisor after stepping down as Disney CEO in March.
This reported pursuit adds to a growing field of interested parties for a potential NBA expansion. The league's Board of Governors formally began studying expansion possibilities in Las Vegas and Seattle in March. NBA Commissioner Adam Silver indicated that the league aims to decide by the end of the year whether to add one, two, or no new franchises.
Las Vegas has long been considered a strong candidate for expansion, having evolved into a significant destination for NBA events. The city hosts the league's annual Summer League and has previously staged the NBA Cup's semifinal and championship games. The T-Mobile Arena is also considered an NBA-ready venue.
The Iger-Kushner group would face competition from other potential ownership groups. Bill Foley, owner of the Vegas Golden Knights, has already unveiled his own expansion proposal for Las Vegas, also planning to use T-Mobile Arena. Basketball Hall of Famer Magic Johnson has also been linked to separate efforts to secure a Las Vegas franchise.
For Iger, this potential venture represents another foray into sports investment following his departure from Disney. During his tenure, he oversaw Disney's acquisitions of major entertainment properties and ESPN's long-standing relationship with the NBA. Beyond Disney, Iger and his wife Willow Bay acquired a controlling stake in Angel City FC of the National Women's Soccer League.
Iger's association with Kushner has deepened in recent years. After his initial retirement from Disney in 2022, Iger joined Thrive Capital as a venture partner. He later returned to Disney's board in late 2022. Despite his return to Disney, Iger remained an investor in Thrive, participating in a syndicate that purchased a minority stake in the firm in 2023. Thrive Eternal, launched in spring, has already made an investment in the San Francisco Giants of Major League Baseball. Last year, Thrive Capital also acquired a small stake in the NBA's Miami Heat.
Kushner's Thrive Capital has grown into a prominent investment firm, known for early investments in companies like Instagram and OpenAI, and has increasingly diversified into sports and entertainment sectors beyond traditional venture capital. Thrive declined to comment on the report, and requests for comment were also made to Iger and the NBA.