You all saw the headlines yesterday:
Thrive’s Josh Kushner and former Disney CEO Bob Iger just acquired the Los Angeles Lakers for a whopping $12.5B.
Everyone reported it. We’re going to break it all down. This piece is the only analysis you’ll need to get sharp on this deal, why it happened, and how this changes the future of sports investing.
⚠️ Spoiler alert: We think this $12.5B deal was the steal of the century.
Here’s why.
Here’s why:
Our jaws hit the floor when we saw the news break on X.
“That’s a 25% premium to the $10B price tag Mark Walters bought the Lakers for in October 2025 – just ten months ago!”
Zero rumors about the deal. No auction to drive up the price. The deal reportedly came together in less than 72 hours.
On top of that…
Sports teams rarely flip this quickly…let alone the most marquee asset in the NBA. The last time was back in ‘99, when Art Williams decided to sell the Tampa Bay Lightning less than ten months after buying it.
The premium was astronomical. Sports franchises generated year-over-year returns of 16.5% per RASFI – the Lakers’ return was more than 50% greater in a shorter time frame.
Note: Joe Pompliano has a great breakdown of the inner workings of the deal, why Mark Walters may have decided to sell, and how it came together. Worth the read.
And it wasn’t just us. The sports ownership class was just as shocked by the deal as everyone else:
“It’s one of the most bizarre things I’ve ever seen. My phone’s ringing off the hook with people saying they’re stunned.”
– FOS sources close to dozen of sports team owners.In this newsletter, we’re breaking down how this deal breaks sports economics – and questions why Josh and Bob pulled the trigger at such a high price.
Why Kushner’s Thrive Eternal is a Tad Different from Traditional Sports FundsFollowing the Khosla-Seahawks deal, we published a deep dive last month on “Why Tech Elites Are Finally Investing in Sports”.
We explored venture capitalist Josh Kushner teaming up with Bob Iger to launch Thrive Eternal, a permanent-capital holding company that invests in a small number of assets to steward for decades to come.
Here is the overarching “why” and the “opportunity” Kushner sees in sports assets:
The Why’s: “These are assets with qualities that cannot be replicated by technology. Iconic franchises and cultural institutions rooted in tradition, identity, and shared experience. In a world shaped by abundant intelligence where creation scales and distribution fragments, we believe they will matter even more.”
The Opportunities: ”Thrive Eternal is built on the belief that the most enduring of these assets share common characteristics: they benefit from long-term stewardship, they compound through cultural resonance, and they are enhanced by technology rather than displaced by it.”
– Josh Kushner’s manifesto on Thrive Eternal (posted via X)Already a personal minority owner of the Miami Heat and (formerly) Memphis Grizzlies, Josh’s first move through Thrive Eternal was to buy a minority stake in the San Francisco Giants just this past April.
Predictably, one could assume that Thrive Eternal would follow a sports investment strategy similar to those of other passive-stake investors: Arctos, Harbinger, etc.
But based on its most recent moves, we think not.
Thrive Eternal is not a fund built to gain exposure to just any professional sports asset. It’s the investment vehicle Kushner and Iger are leveraging to secure ownership of the most culturally iconic IP that exists - or will exist.
Crème de la crème.
June 2026 - NBA Las Vegas Team. Before acquiring the Lakers, Josh Kushner and Bob Iger hired investment bankers to explore an $8-10B controlling bid for the NBA’s prospective Las Vegas expansion franchise – and were reportedly among the two front runners to win the bid. Thrive Eternal would help finance the deal.
July 2026 - FIFA’s Commercial Arm. In what could’ve been one of the most controversial deals of all time, FIFA nearly spun out a for-profit commercial entity to sell a 21% stake for $4.2B. Before shutting down the deal amid serious backlash, FIFA President Gianni Infantino had announced that Josh Kushner’s Thrive Eternal would be the lead investor - without any formal bidding process. Had the deal happened, Thrive Eternal would’ve been the only major private equity investor to own a piece of the most profitable and culturally iconic sports asset ever.
But here’s the thing: With each deal before the Lakers, the economics made a lot of sense.
Las Vegas has emerged as a Tier 1 sports city, where expansion teams and franchise relocations have historically generated significant valuation uplifts:
Raiders: Forbes priced the Raiders at $3.1B in 2020 → $9.3B, the valuation at which Ari Emanuel and Egon Durban acquired a minority stake this year | 3.0x in six years
Golden Knights: $500M expansion fee; first season in 2017–18 → Forbes’ 2025 valuation of $2.1B | ~4.4x in eight years
Athletics: Reported valuation immediately before the Las Vegas move: $1.2B → Forbes now values the A’s at ~$2B | ~66% uplift before the Vegas stadium even opens
And the FIFA deal would’ve been an even greater bargain. Sportfolio’s Nikola Vukovic published an in-depth breakdown of why FIFA’s commercial arm should trade at a 15-16x revenue multiple based on comparable premium sports assets, implying a $60B valuation – 3.0x the valuation at which Josh Kushner would’ve invested.
A steal. Which may not necessarily be the case with the Lakers acquisition.
How This Lakers Sale Breaks Sports EconomicsWe had Endex run an NBA team valuation analysis, and there was an enormous difference between the valuation-revenue multiples of the three most recent major changes of control in the NBA: the Lakers under Walter, the Celtics, and the Trail Blazers.
Whether we use the Lakers’ FY2025 revenue or projected FY2026 revenue, the Kushner deal trades at around 20-22x revenue. For context, public companies like NVIDIA, Datadog, and Snowflake trade within that range.
That’s roughly eight turns above the league-average valuation multiple of 13x.
Meanwhile, an iconic brand like the Celtics – which also doesn’t own its arena – traded at only a ~1 turn premium.
Even when Mark Walter acquired the Lakers for $10B, it felt like the premium had already been priced in. Then LeBron leaves, and the multiple jumps another 3.0x in just ten months when Kushner and Iger acquire the team!
To put that into perspective, if Mark had wanted to sell the Lakers for $12.5B at the same multiple he paid, FY2025 revenue would’ve needed to jump 24%. Estimated YoY revenue growth from FY2024 to FY2025 was just 7%. [btw, NVIDIA is growing at 85% YoY].
In every other deal that Thrive Eternal explored, there appeared to be a clear path to generating sizable returns.
Here, it seems like they’re buying an asset at too high a price.
But that begs the question: Does the price right now even matter?
Buy & Hold On For LifeOur Take: The price, valuation, and multiples don’t matter.
Sports assets are becoming more attractive as technology continues to shrink the lifecycle of businesses. The Los Angeles Lakers logo is arguably worth more than the fundamental economics of the business.
In a recent NY Times DealBook interview about Apollo’s $2.6B deal with the New York Yankees, Sal Galatioto said:
“If I were a wagering man, I’d say the odds are much better that the New York Yankees will be here in a hundred years than Apple.”
It makes a bunch of sense why Kushner and Iger bought the Lakers for $12.5B. Their manifesto is [probably] that the Lakers are a permanent hold.
Given what the Los Angeles Lakers could be worth in 100 years, how much they paid for it on August 12th, 2026 will be negligible.
Shoutout to Josh and Bob. We look forward to the day we cross paths.
With Admiration,
Sid & Suraj
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LEAGUES & TEAMSU.S. League & Team NewsBob Iger and Joshua Kushner agree to acquire the Lakers at a record $12.5B valuation just 14 months after Mark Walter bought the team (Aug. 12th)
The deal would reset the global sports franchise record after Walter acquired control at a $10B valuation in 2025; Jeanie Buss expected to remain governor
Walter exits amid ongoing federal scrutiny of businesses tied to Guggenheim and his insurance holdings [The Athletic]
Yankee Global Enterprises secures $2.6B financing from Apollo Sports Capital while Steinbrenners retain control (Aug. 11th)
The credit-and-equity deal will refinance existing debt and provide capital for growth across the Yankees and YGE’s broader sports portfolio
Apollo Sports Capital CEO Al Tylis will join YGE’s board, while the Steinbrenner family keeps full control of the Yankees [Apollo]
MLB owners set to vote on record $3.9B Padres sale to José Feliciano and Kwanza Jones (Aug. 11th)
Clearlake Capital co-founder and Jones are set to acquire a controlling stake of more than 40%, with Feliciano expected to become the team’s control person
Transaction would shatter MLB’s prior $2.4B sale record, with the Buss brothers and other investors joining at smaller stakes [SBJ]
UNC proposes university-owned entity to centralize athletics revenue generation across six business verticals (Aug. 11th)
Entity would manage sponsorships, licensing, ticketing, NIL, special events and Finley Golf Club under a separate seven-member board
Trustees tabled the proposal pending a finalized operating agreement, with only 10-15 athletics employees expected to move into the new structure [SBJ]
Big East names longtime MLB executive Tim Brosnan commissioner to help close college sports’ growing financial gap (Aug. 11th)
Brosnan takes over as the conference faces a major media-rights reset, with its current Fox, NBC and TNT deal expiring after 2030–31
Betting on Brosnan’s revenue-generation background to strengthen its economics against football-driven Power Four conferences [SBJ]
Tottenham owners join consortium exploring $1B+ bid for NBA Europe’s proposed London franchise (Aug. 11th)
Lewis family is partnering with the Checketts and Eccles families, both of which bring prior experience investing in sports teams and venues
Enters a competitive race that already includes Nikesh Arora’s $1B+ consortium [The Athletic]
Jeff Bezos and Eduardo Saverin join Amit Bhatia-led consortium pursuing minority investment in Liverpool FC (Aug. 10th)
Fenway Sports Group is in ongoing talks with the consortium over a strategic minority stake, which would be Liverpool’s first outside investment since Dynasty Equity bought 3% in 2023 [The Athletic]
Project B adopts IOC and FIBA gender eligibility rules ahead of planned January launch (Aug. 11th)
The new global basketball league says it will follow international eligibility standards to create consistency for players and stakeholders
The move differentiates Project B from the WNBA, which is still reviewing its own policy amid growing debate over transgender participation [FOS]
LIV Golf says new investor agreement could fund the league through 2030 as Saudi PIF exits (Aug. 5th)
CEO Scott O’Neil said an undisclosed lead investor has signed a board-approved term sheet, though the funding amount and investor identity remain unclear
LIV’s proposed reset would make players majority equity holders, return their NIL rights and feature 10 annual events across the U.S. and international markets [The Athletic]
Churchill Downs, NYRA, Fox and NBC launch six-race Thoroughbred Championship Series beginning in 2027 (Aug. 3rd)
The series will span the Kentucky Derby, Belmont Stakes, Travers Stakes and three additional races from May through September
NBC championship race at Churchill Downs creates premium media and sponsorship inventory while extending fan interest beyond the Triple Crown window [SBJ]
Athletes Unlimited pauses its 2027 basketball season as competing women’s leagues reshape the player market (July 31st)
The league will sit out 2027 with no players under contract, though a return in 2028 or later remains possible
Rising WNBA salaries and competition from Unrivaled and Project B have weakened AU’s roster pipeline despite broader growth in women’s basketball [FOS]
Fenway Sports Group acquires Boston Common Golf team in TMRW Sports’ new WTGL women’s league (Aug. 10th)
The investment gives FSG its first women’s professional golf team and makes Boston Common Golf one of WTGL’s five inaugural franchises
FSG was an early TMRW Sports investor and LPGA commercial partner, deepening its exposure to women’s golf ahead of WTGL’s fall launch [GBN]
Oregon’s Multnomah County approves up to $101.6M toward Trail Blazers’ Moda Center renovation (Aug. 6th)
The term sheet raises the county’s proposed contribution from $88M as Portland weighs another $120M and Oregon has already approved $365M
The Blazers are seeking at least $573M in public funding, with final financing still contingent on city approval and a new long-term arena lease [The Athletic]
Tampa overhauls financing plan for Rays’ proposed $2.3B stadium as 2029 opening deadline tightens (Aug. 10th)
City leaders are considering replacing a planned $180M public contribution with tax-increment financing tied to the surrounding mixed-use development
Public contribution remains capped at $976M, with the Rays covering the balance and all overruns as officials race toward a final deal and 2026 groundbreaking [FOS]
University of Kansas’ $450M David Booth Stadium renovation remains on track for completion before the 2027 season (Aug. 10th)
Phase 2 construction continues, with temporary restroom and concession setups expected during the 2026 season
The finished stadium will hold roughly 43,000 fans, while capacity will temporarily drop to the low 30,000s this fall [SBJ]
Bills defend $2.2B new Highmark Stadium after fans raise concerns over obstructed sight lines (Aug. 11th)
Some season-ticket holders reported blocked views, small scoreboards and canopy issues after the stadium’s first public event
Fewer than 1% of PSL holders have complained and that truly obstructed football seats were not sold, though a 27K-item punch list remains [The Athletic]
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INVESTMENTSM&ACardVault by Tom Brady adds JAY-Z, RedBird, Silver Lake, sports owners and star athletes to strategic investor group (Aug. 13th)
Investors include Gerry Cardinale, JAY-Z, Egon Durban, John Henry, Wyc Grousbeck, Aaron Judge, Connor McDavid, Dana White and The Kraft Group
Funding new stores, technology, and new distribution channels as CardVault targets 100+ locations; expanded from 3 to 17 stores since Brady took a 50% stake [CardVault]
KKR reveals $8.8B valuation for Arctos’ sports funds after acquiring the sports investment firm earlier this year (Aug. 7th)
Arctos’ first two sports funds have deployed $4.7B across minority stakes in teams and sports platforms, with $8.4B of active investments
Both funds have generated roughly 22% net IRRs, underscoring the performance of holdings including the Bills, Warriors, PSG and Fenway Sports Group [SBJ]
Nielsen agrees to acquire DoubleVerify for $2.15B to expand from audience measurement into digital ad verification (Aug. 6th)
The all-cash deal values DoubleVerify at a 30% premium and adds brand safety, fraud detection and digital ad verification capabilities
The acquisition broadens Nielsen beyond TV and streaming ratings into measuring whether digital ad spend reaches real audiences in brand-safe environments [Adweek]
Ryman Hospitality acquires Grande Lakes Orlando for $1.38B in record U.S. non-gaming resort deal (Aug. 11th)
409-acre property includes Ritz-Carlton and JW Marriott hotels, a Greg Norman-designed golf course, spa and 320K sq ft. of event space
Trinity Investments bought the resort for $870M in 2018 and exits after a major repositioning that helped drive a $510M increase in value [GBN]
Serena Williams and Beth Ferreira – founding partner of WME Ventures – launch Starfire venture fund targeting $5-10M checks into tech and AI-enabled startups (Aug. 6th)
The new fund will focus on two themes: empowering individuals and the experience economy
Builds on Serena Ventures’ 100+ startup investments and 16 unicorns as Williams evolves from athlete angel investor into institutional fund manager [Inc.]
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STARTUPS & TECHNOLOGYProduct LaunchesBiolyz targets U.S. expansion after scaling saliva-based athlete testing across European soccer (Aug. 10th)
Analyzes dozens of saliva biomarkers tied to inflammation, sleep, hydration and stress for 13 soccer clubs, including Dortmund and Leverkusen
After raising $5.3M to expand into the U.K., Biolyz is exploring a $17M-$29M raise to build a U.S. lab and enter American sports in 2027 [Sportico]
Apple brings live MLB games to Vision Pro with immersive 8K broadcasts starting with Yankees-Red Sox (August 10th)
Four late-season games will receive separate 180-degree VR broadcasts with dedicated announcers and spatial audio
Turns Apple’s MLB rights into another testing ground for premium immersive sports experiences across the Vision Pro ecosystem [Sportico]
MyFitnessPal partners with Hyrox and Peloton’s Robin Arzón to expand into performance nutrition (Aug. 11th)
MyFitnessPal will title-sponsor Hyrox Tampa and add race-specific recipes, fueling guidance and training nutrition content inside its app
Connects MyFitnessPal’s 280M+ users to Hyrox’s fast-growing athlete base as brands increasingly monetize the full training journey, not just race day [Athletech]
Overtime names Google Gemini official AI partner for OTE and Overtime Select (Aug. 11th)
Gemini will power broadcast production and social content, with integrations including in-broadcast video analysis and a “Digital Teammate” series [Barrett Media]
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STRATEGIC VENTURESMedia Deals & UpdatesFox declines early NFL rights renegotiation and plans to revisit its deal closer to 2030 (Aug. 6th)
Fox will keep its current NFL agreement unchanged through the 2029-30 season despite the league’s push to renegotiate media rights early
The decision complicates the NFL’s broader effort to restructure legacy broadcast deals before opt-out windows open, even as Fox expands its NFL rights in Mexico [Sportico]
Disney+ becomes global streaming home of Formula E across 144 territories beginning in 2026-27 (Aug. 11th)
Disney+ will carry every practice, qualifying session and race, with ESPN+ streaming alongside it in the U.S.
The multi-year deal gives Formula E a major global DTC platform as it enters the GEN4 era while keeping existing linear and free-to-air partners [Formula E]
Comcast and Disney/ESPN end three-month carriage dispute, restoring NFL Network and RedZone before the season (Aug. 11th)
The new agreement brings both channels back to Xfinity customers after a blackout that began in the spring
Terms were not disclosed, but the NFL preseason effectively became the deadline for resolving the distribution standoff [SBJ]
Capital One extends naming rights for Wizards and Capitals arena through 2047 as venue undergoes $1B+ renovation (August 12th)
The 20-year extension keeps the Capital One Arena name in place while the downtown D.C. venue completes a major overhaul ahead of the 2027-28 season
Adds cardholder entrances, discounts and benefits across Monumental Sports & Entertainment’s teams and media platform [Sportcal]
Arsenal extends Emirates sponsorship through 2033 in deal worth up to £70M annually (Aug. 6th)
Emirates will retain Arsenal’s front-of-shirt, training kit and stadium naming rights across the men’s, women’s and youth teams
The renewal lifts the partnership from roughly £50M to £70M per year, making it the Premier League’s most valuable sponsorship package [SportsPro]
Oura signs Coco Gauff and Taylor Fritz as athlete partners ahead of the US Open (August 12th)
Gauff and Fritz will appear in Oura marketing and create content around how they use the wearable for recovery, preparation and performance
Deepen Oura’s tennis push alongside its USTA and US Open sponsorships as the company expands across elite sports ahead of its planned IPO [SBJ]
U.S. Air Force signs official partnership with Real American Freestyle as league builds a broader wrestling ecosystem (Aug. 11th)
The multi-event deal will include Honor Guard appearances, original content and fan activations beginning with RAF12 in Cleveland
The partnership comes as RAF expands beyond pro events into youth tournaments and club ownership through RAF NEXT GEN and RAF Clubs [YSBR]
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JOB BOARDIf you find our weekly job board helpful, join the T4Q Talent Network.
Now - here are some cool roles we found and personally curated this week. Enjoy!
1. Stealth (Backed by Mike Trout’s Family Office) - Chief Marketing Officer
2. Pie (Consumer Social, Founded by Bonobos Founder) - Strategy Analyst
3. FIRY - Head of Investor Relations: $250K
4. Formula 1 - Senior Strategy Manager
5. Nike - Director of Corporate Strategy
6. Genius Sports - Global Head of Partnerships: $350K
7. Tradepost - Founding Growth Hire, Trading Cards: $175K
8. On - Lead, B2B Digital Marketing: $160K
9. Nova Sky Stories - Corporate Development Manager: $140K
10. Meta - Brand Partnerships Lead, Reality Labs: $213K
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