From the LA Lakers to the World Cup: Why is Trump's in-law family betting big on sports?

Josh Kushner, brother of Jared Kushner — the husband of Ivanka Trump and son-in-law of President Donald Trump — attends the 2026 Met Gala at the Metropolitan Museum of Art in New York in May. [Getty Images]

The Kushner family — in-laws of US President Donald Trump — has entered the bidding for the LA Lakers, one of the most storied franchises in the NBA, drawing fresh attention to the family's growing appetite for sports investments. The move comes after the Kushners emerged last month as key investors in FIFA's attempt to sell a stake in a new commercial subsidiary, raising questions about what is driving their push into the sports industry.

The Financial Times reported Wednesday that former Walt Disney Company CEO Bob Iger and venture investor Josh Kushner have agreed to acquire the LA Lakers for $12.5 billion (about 18 trillion won).

Targeting businesses less disrupted by AI, Thrive turns to sports

Jared Kushner (left), son-in-law of President Donald Trump, and his brother Josh Kushner. [Getty Images]

Josh Kushner is the younger brother of Jared Kushner, who is married to Ivanka Trump, the president's eldest daughter.

US media outlets including The New York Times have noted that Josh Kushner's string of sports investments aligns with the stated mission of Thrive Eternal, an investment vehicle run through his firm Thrive Capital.

The logo of the LA Lakers, one of the most storied franchises in the NBA. [Getty Images]

Sports is the sector where Thrive Eternal has been most aggressively expanding its investment footprint. Unlike Thrive Capital, which backs high-growth companies, or Thrive Holdings, which pursues business transformation at firms shaped by AI, Thrive Eternal focuses on companies that are relatively insulated from the structural disruptions AI brings.

In keeping with that mandate, Josh Kushner already holds a stake in the NBA's Miami Heat and has previously invested in the Memphis Grizzlies. If the Lakers acquisition receives NBA approval, he is expected to divest his Heat stake.

Josh Kushner has also extended his reach into Major League Baseball. He disclosed in April that he was in the process of acquiring a stake in the San Francisco Giants. In 2017, he reached a tentative agreement to buy the Miami Marlins for $1.6 billion, but the deal ultimately fell through.

The FIFA logo. [Getty Images]

The family's sports ambitions stirred controversy last month when it sought to buy into FIFA Forward Enterprise, a new for-profit subsidiary FIFA planned to set up to manage the World Cup's commercial operations. FIFA President Gianni Infantino had championed the $20 billion venture, which would have spun off the governing body's core commercial businesses — broadcasting rights, sponsorships and ticket sales — into a separate entity. The plan was ultimately shelved after a backlash over the excessive commercialization of football and concerns about the Kushner family's ties to President Trump.

Thrive Capital raises record $10 billion this year — yet Josh Kushner is a longtime Democrat

Thrive Capital, the investment firm Josh Kushner founded in 2009. [Social media]

The financial foundation for Josh Kushner's sweeping investment activity is Thrive Capital, the venture capital firm he founded in 2009. A Harvard graduate who also completed an MBA at the same university, he previously worked at Goldman Sachs.

Thrive Eternal is reported to have earned substantial returns from early investments in Instagram, Meta's flagship social media platform, and Spotify, the world's largest music streaming service. The firm also invested early in Elon Musk's space company SpaceX, which listed in June, before it merged with xAI.

Thrive invested in OpenAI in January 2023, just months after the launch of ChatGPT. At the time, OpenAI was valued at around $29 billion.

Riding that run of investment successes, Thrive raised $10 billion this year — the largest fundraise in the firm's history. Analysts say that war chest has underpinned the firm's expanding push into sports, from minority stakes to outright franchise acquisitions.

Josh Kushner, founder of Thrive Capital, speaks on the "Big Bets" panel at the Fortune Global Forum 2024 in New York in November 2024. [Getty Images]

Despite his family's close ties to the Trump White House — his brother Jared is married to the president's daughter — Josh Kushner is himself a longtime Democrat.

During the 2024 presidential election, Josh Kushner donated $250,000 to Grow Democrats, a Democratic political action committee. In a 2017 Forbes interview, he said, "Progressive values have guided my life," adding, "It's no secret that I've supported political leaders who share similar values."

The Los Angeles Times has noted, however, that "the Kushner family's relationship with President Trump continues to follow him as he builds his identity as an independent businessman."

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