It remains unclear who is providing the substantial financing for the reported $12.5 billion sale of the Los Angeles Lakers to a group led by Bob Iger and Joshua Kushner, a situation complicated by a legal challenge from within the Buss family.
While the potential acquisition by the Disney CEO and the Thrive Capital co-founder has been widely reported, the specific investors contributing to the deal have not been disclosed. Neither Iger nor Kushner possess the personal wealth to cover the full purchase price, and NBA rules limit the stake any single fund can acquire to 20%, with an aggregate limit of 30% for institutional investors across all franchises.
Forbes estimated Iger's net worth at around $900 million, even after accounting for recent salary and stock holdings. Kushner, ranked by Forbes with a $5.2 billion net worth, would still be significantly short of the reported price tag for a majority stake. Kushner's firm, Thrive Capital, manages approximately $50 billion, and a representative indicated that outside investment, potentially including their newly launched capital holding company Thrive Eternal, will be part of the financing.
Joshua Kushner's brother, Jared Kushner, who has a reported net worth of $1 billion, was reportedly exploring real estate in Malibu around the time the Lakers sale was announced. However, a representative for Thrive Capital stated that Jared Kushner will not be involved in the ownership group.
The reported deal also includes the acquisition of the Buss Family Trust's 17.8% stake in the team. Current ownership breakdowns show Guggenheim Partners CEO Mark Walter holding 58%, the Jerry Buss Family Trusts holding 15%, Eldridge Industries' Todd Boehly with 12%, Los Angeles Times owner Patrick Soon-Shiong holding 4%, and Ed Roski Jr. with 3%. An additional 8% is held by undisclosed entities, presumably including members of the Buss family and Walter.
Adding to the complexity, Jeanie Buss, the team's governor, has reportedly challenged her brothers' attempt to sell the family's stake. Attorneys for Jeanie Buss issued a letter refuting a report that she was out as controlling owner and asserting that any vote by her siblings to sell the stake would be void. The letter stated that the co-trustees of the Trust are instructed to take all actions to ensure Jeanie Buss is elected controlling owner annually. The situation suggests a continued dispute among the Buss siblings regarding the sale.