sports
The Lakers have become a poker chip for some of the most powerful men in America
One of the most famous teams in the world is about to change hands for the second time in less than a year for more than $12bn. Will anyone push back?
TL;DR
- The Los Angeles Lakers are reportedly being sold for a record $12.5 billion to Josh Kushner and Bob Iger.
- This sale signifies a trend of sports teams being treated as financial assets by wealthy individuals, rather than community institutions.
- The current owner, Mark Walter, is set to profit significantly after acquiring the team less than a year prior.
- Concerns are raised about the business practices of Mark Walter, involving his insurance companies and loans.
- Josh Kushner's investment firm, Thrive Capital, has a history of successful early bets on major tech companies and is expanding into sports.
- Bob Iger, former Disney CEO, is also involved in sports ownership and is a partner with Kushner.
- The article critiques the influence of wealth and political connections in sports ownership.
- Previous attempts by Kushner to invest in FIFA were thwarted, leading to a pivot towards the NBA.
- The sale of the Lakers is seen as indicative of franchises becoming too expensive for the merely very rich and too profitable for the ultra-wealthy.
- The Kushner family's broader influence in American life and their ties to political power are also discussed.
- Despite some of Josh Kushner's stated liberal values, the concentration of power in the hands of a few is a primary concern.
- The article suggests that athletes and fans are the last line of defense against owner decisions and points to past instances where collective action influenced sports outcomes.