Trump has amassed staggering wealth in ‘most openly corrupt’ presidency
The US is now using the ‘terrorist’ label to interfere in Brazil’s election
Germany warns US against election interference with Maga-aligned grants scheme
The Lakers have become a poker chip for some of the most powerful men in America
The last one deserves quoting -
On Wednesday, ESPN reported that the Los Angeles Lakers are set to change hands, for the second time in 10 months, for $12.5bn, a sum that would be a record for any North American sports team. (The deal must be approved by the NBA’s board of governors before it can go through.) The buyers aren’t diehards who saved up every penny like the good Dr Jerry Buss in the 1970s. Those days are gone. If and when the deal is approved, the new owners will be venture capitalist Josh Kushner and his business partner, Bob Iger. Kushner is the younger brother of Jared Kushner, the titleless Wormtongue to Donald Trump’s Saruman. Iger used to run Disney. These men have connections across the political world and influence in every corner of the American empire. [...]
Mark Walter took control of the team from the Buss family last October at a valuation of roughly $10bn. Now he is set to cash out around $2bn richer. That’s not how this is supposed to work. The old guard, like Buss, used to guard their NBA teams like heirlooms and pass them down. Walter is set to flip the team after less than a year.
He has other issues to deal with. Bloomberg reported in July that Manhattan prosecutors want to know whether two insurers that Walter controls, Delaware Life Insurance Co and Clear Spring Life and Annuity Co, concealed that their private-credit books were secretly propping up his other businesses. The SEC opened its own line of inquery, and the loans at issue reportedly run near $16bn. [...]
The Lakers’ buyers also know that sports can generate huge returns to add to their already vast wealth. Starting in 2009 at the age of 24, Kushner built Thrive Capital into a firm now worth more than $60bn. He shoved his way into Instagram’s 2012 round at a $500m valuation days before Facebook paid $1bn for it, then rode early bets on OpenAI, Stripe, Spotify, GitHub and Skims. He owns a piece of the Miami Heat that league conflict rules will force him to shed before he can run the Lakers. And he founded Thrive Eternal to buy long-term positions in sports, media and entertainment. (Its first big move was a stake in MLB’s San Francisco Giants.)
Iger, the former Disney CEO, took control of the NWSL’s Angel City FC in 2024 alongside his wife, Willow Bay, and he’s also a Thrive partner. Now, Kushner and Iger are set to add one of America’s most important cultural touchstones to their portfolio.
The timing of Kushner’s deal may not be random either. Fifa said in late July it would hive off its commercial arm into a new company, Fifa Forward Enterprises, and sell 20% to a Thrive Eternal-led group for $4.2bn. But Europe torched the plan. Uefa convened an emergency summit and threatened to have all 55 members boycott every Fifa competition until the deal died. Negotiations ended within a week. Then Jamie Raskin, the top Democrat on the House judiciary committee, proposed an inquiry into whether Fifa handing prized assets to a fund run by the president’s relative crossed an ethical line. [...]
So Kushner pivoted to the NBA, where venture capital is more welcome. In fact, the other 29 owners have a direct financial stake in blessing the sale. The paper value of every team just surged with news that Kushner and Iger are willing to pay $12.5bn for an NBA franchise. [...]
But the proposed Lakers deal isn’t just about how wealth has changed sports. It’s also about how one family has moved into every part of American life. The Kushners keep ending up on the title of the most coveted assets on the planet, and the connective tissue is proximity to power. Trump campaigned on burning down exactly this kind of arrangement. Josh is the younger brother of Jared Kushner, Ivanka Trump’s husband, and a senior adviser during Donald Trump’s first term. Jared is now a Special Envoy for Peace and helped negotiate the recent ceasefire with Iran. Their father, Charles Kushner, pleaded guilty in 2005 to 18 counts – among them illegal campaign contributions, tax evasion and witness tampering – and was sentenced to two years in prison. Trump pardoned him in 2020, and today he represents the United States as ambassador to France, a job he holds despite not speaking French.
Good people do good things.


