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.
Iger and Kushner have hired investment bankers for the potential bid, which would be made via Thrive Eternal, a company created by Kushner to invest in brands and cultural assets, according to a Bloomberg report. A source familiar with the NBA expansion proceedings confirmed to the Review-Journal of Iger and Kushner’s interest in the city but did not have further details to offer.
The bid that could be put in by Iger and Kushner would be for the majority ownership of a team. The potential expansion fee is expected to be in the $7 billion to $10 billion range.
Kushner’s net worth is $5.2 billion and Iger’s is $690 million, according to Forbes. Thrive manages around $25 billion in assets.
Last week, Golden Knights owner Bill Foley announced his bid to pursue a Las Vegas NBA franchise. If Foley’s bid were to be successful, Las Vegas’ NBA team would play at T-Mobile Arena alongside the Knights. Hundreds of millions of dollars in renovations would be made to the 10-year-old facility.
Another group eyeing a potential Las Vegas NBA expansion team bid is the Magi, led by former NBA great and multi-team owner Earvin “Magic” Johnson.
There is no shortage of sites where an NBA-ready arena could be constructed, with upwards of 10 available in Southern Nevada. Only T-Mobile Arena is open and able to host the NBA.
The NBA announced in March that it was officially exploring Las Vegas and Seattle for potential expansions teams. An update on the process is expected to be made next month in Las Vegas following the NBA board of governors meetings being held during NBA Summer League. The NBA expects to have an answer on if it will expand to either city by the end of the year.
Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X.
