Former Walt Disney Co. NYSE:DIS CEO Bob Iger and Thrive Capital founder Joshua Kushner have reportedly hired investment bankers and discussed a possible bid for a majority stake in a Las Vegas NBA expansion team. The move comes after the NBA's board of governors approved the exploration of potential franchise expansion in Las Vegas and Seattle in March, though the size of any bid and the franchise valuation remain unclear.
The possible bid would be made through Thrive Eternal, a permanent-capital vehicle created by Kushner's Thrive Capital to invest in iconic brands and cultural assets. The structure gives Thrive room to hold assets without a fixed exit timeline, possibly making it a better fit for scarce sports franchises that can compound value over time.
For investors, the development could point to rising demand for sports teams as long-duration cultural assets. Iger brings deep experience from Disney, ESPN, Pixar, Marvel, Lucasfilm, and 21st Century Fox, while Kushner's Thrive has built more than $50 billion in assets under management and recently raised more than $10 billion for its largest fund. Thrive Eternal has already backed the San Francisco Giants, with capital reportedly tied to Oracle Park and surrounding real estate.