Iger, Kushner Hire Bankers for Majority NBA Vegas Team Bid via Thrive Eternal
FOXA•Bob Iger and Joshua Kushner have engaged investment bankers to pursue a majority acquisition of the NBA’s forthcoming Las Vegas expansion franchise through their holding vehicle Thrive Eternal. Thrive Capital, managing over $50 billion in assets and having raised $10 billion for its latest fund, structured the bid with no fixed exit timeline.
1. Exploration of NBA Expansion Bid
Bob Iger and Joshua Kushner have retained investment bankers to explore a majority acquisition of the NBA’s proposed Las Vegas expansion team. The NBA’s board of governors approved the examination of potential franchises in Las Vegas and Seattle in March, but the size and valuation of the bid remain undisclosed.
2. Thrive Eternal Holding Structure
Thrive Eternal, established by Thrive Capital, operates as a permanent capital vehicle designed to invest in cultural and entertainment assets without a set exit timeline. Initial funding was provided by existing Thrive investors to support acquisitions of high-profile properties.
3. Investors’ Background and Outlook
Iger, former Disney CEO, brings extensive sports and media experience from ESPN and marquee franchise acquisitions, while Kushner’s Thrive Capital oversees over $50 billion in assets and raised $10 billion in its latest fund. The partnership marks Thrive’s expansion from tech startups into sports and entertainment investments.
