The Los Angeles Lakers are set to be sold for a record $12.5 billion to Josh Kushner and Bob Iger, marking the second sale in 10 months. This deal highlights a growing trend where sports teams are treated as lucrative assets by the ultra-wealthy, rather than community institutions. The article raises concerns about the increasing commodification of sports, the concentration of power, and the intersection of extreme wealth, politics, and fan culture, questioning the future relationship between fans and their teams.
The article details the proposed sale of the Los Angeles Lakers for an unprecedented $12.5 billion to venture capitalist Josh Kushner and former Disney CEO Bob Iger. This transaction, the second in 10 months, sees current owner Mark Walter making a $2 billion profit. The author argues that this deal exemplifies a disturbing trend where sports teams, once cherished heirlooms, are now viewed as mere financial assets by the ultra-wealthy, who can flip them for massive returns. The buyers, Kushner and Iger, possess vast financial and media backgrounds. Kushner, with his firm Thrive Capital managing over $60 billion, has a history of strategic investments, including a previous, unsuccessful attempt to invest in FIFA. The article suggests this NBA deal is a pivot to a more welcoming venture capital environment, also noting how such high-value sales inflate the valuations of all other teams. A significant theme explored is the pervasive influence of the Kushner family, linking their proximity to political power (e.g., Jared Kushner's role in the Trump administration, Charles Kushner's pardon) to their ability to acquire highly coveted assets. Despite Josh Kushner's stated liberal values, the article emphasizes that the core concern is the dangerous concentration of power and wealth in a few hands. The piece concludes by warning of an impending collision between politics, extreme wealth, and sports. It calls on athletes and fans to serve as the last line of defense against owners prioritizing profit over community, citing past instances of resistance against leagues. However, it questions whether they will challenge the billionaires who directly employ them, highlighting the growing gap between fan sentiment and ownership's financial motives.
