The Los Angeles Lakers are set to be sold for a record $12.5 billion to venture capitalist Josh Kushner and former Disney CEO Bob Iger, sparking controversy over the increasing commodification of sports teams by the ultra-wealthy and the intertwining of extreme wealth, political power, and professional athletics.
The article details the impending $12.5 billion sale of the Los Angeles Lakers to Josh Kushner, younger brother of Jared Kushner, and former Disney CEO Bob Iger. This record-breaking deal, occurring just ten months after the team was last sold for $10 billion, highlights how professional sports franchises are increasingly viewed as assets for rapid profit by the ultra-wealthy, rather than cherished community institutions. The previous owner, Mark Walter, is set to make a $2 billion profit, amidst ongoing investigations into his other businesses. The new buyers, Kushner and Iger, represent immense wealth and political connections, with Kushner's Thrive Capital managing over $60 billion. The article connects this acquisition to the broader influence of the Kushner family in American life and their proximity to power, citing Josh Kushner's previous, ethically scrutinized attempt to acquire a stake in FIFA's commercial arm. This trend inflates team valuations, making ownership exclusive to billionaires and concentrating power. The piece concludes by warning of a collision between politics, extreme wealth, and sports, positioning athletes and fans as the last line of defense against owners who treat teams as mere chips in a high-stakes game.
