The Roaring '20s

Josh Kushner and Bob Iger’s $12.5 billion Lakers deal is bigger than the five largest franchise deals of the 2010s combined.

Add up Joe Tsai’s Nets ($2.35 billion), David Tepper’s Panthers ($2.275 billion), Tilman Fertitta’s Rockets ($2.2 billion), Mark Walter’s Dodgers ($2.15 billion), and Steve Ballmer’s Clippers ($2 billion), and you get roughly $11 billion.

The biggest transaction of the 2010s doesn't even sniff the top ten of the 2020s so far. The record sale of that decade would need to nearly double just to make this list.

Two forces collided to make it happen.

On the supply side, owners rarely sell because they want to — historically, they have held on tightly to keep these durable, uncorrelated, scarce (and let’s face it, sexy) assets in the family. The reasons behind this decade's biggest deals range from estate planning (the Allen estate, the Bowlen Trust) to personal scandal (Snyder, Sarver) to international conflict (Abramovich). Death, disgrace, and geopolitics pried these franchises loose.

On the demand side, a new generation of unfathomably wealthy buyers was waiting in the wings. They were minted by the explosion of private equity, venture capital, and technology, and they are simply used to dealing in gigantic numbers. They manage firms with hundreds of billions in AUM. They founded public companies with trillion-dollar market caps. They routinely write checks into growth-stage businesses for hundreds of millions, sometimes billions of dollars. For these buyers, a record-breaking franchise price is a number they see every day at work.

Here are the ten franchise deals that define the Sports Economy’s Roaring ‘20s so far:

The deal: A group led by Josh Kushner and Bob Iger agreed to acquire control of the Lakers for $12.5 billion, the largest sports team transaction ever. It came together in roughly 72 hours. No auction, no leaks, just an offer Mark Walter accepted 14 months after buying in at $10 billion in 2025. The most marquee asset in the NBA repriced by 25% in roughly a year.

The buyer: Josh Kushner, founder of Thrive Capital and Bob Iger, former CEO of Disney. Iger owns a stake in Thrive Capital and helps lead Kushner’s newest vehicle, Thrive Eternal.

Past team ownership: Kushner: Miami Heat (became LP in 2024, must divest), Memphis Grizzlies (became LP in 2019, sold), San Francisco Giants (became LP in 2026 via Thrive Eternal). Iger: None.

The consortium: The full group has not been disclosed. In the NBA, individual institutional funds are strictly limited to a 20% maximum stake in any single team, and a franchise can sell an aggregate maximum of 30% of its total equity to institutional investors.

The seller: Mark Walter, CEO of Guggenheim Partners and owner of the Dodgers, who is currently under investigation for potential financial fraud and allegedly concealing related-party transactions involving billions of dollars in loans from insurance companies he controls.

The deal: The Khosla family agreed to buy the defending Super Bowl champions from the estate of Paul Allen for $9.612 billion, shattering the NFL record.

The buyer: Vinod Khosla, co-founder of Sun Microsystems and founder of Khosla Ventures, the first VC firm to back OpenAI. His other biggest hits include DoorDash, Stripe, and Instacart.

Past team ownership: San Francisco 49ers (became LP in 2025, must divest).

The consortium: This was a family purchase with “undisclosed limited partners”. Vinod’s wife Neeru Khosla will be the control owner, and son Neal takes a leadership role. The group reportedly beat a bid tied to Aditya Mittal.

The seller: The estate of Microsoft co-founder Paul Allen, who paid $194 million for the team in 1997. The proceeds are expected to be directed primarily to Allen Family Philanthropies, consistent with Paul Allen’s estate plan.

The deal: Mark Walter purchased majority control from the Buss family at a $10 billion valuation, at the time the most expensive sports transaction ever. It confirmed what the Lakers actually are: a basketball team, an entertainment brand, a content platform, and a global luxury asset in one cap table.

The buyer: Walter already held a minority stake, owned the Dodgers, and was arguably the most experienced institutional sports owner in America.

Past team ownership: Los Angeles Lakers (minority since 2021), Los Angeles Dodgers (control since 2012), Chelsea FC, LA Sparks, PWHL, Cadillac F1.

The consortium: His group included Todd Boehly, his longtime partner and co-owner of Chelsea.

The seller: The Buss family, owners since real estate magnate Jerry Buss paid $67.5 million for the team in 1979. Jeanie Buss and other members of the Buss family retained roughly 15% of the team and Jeanie remained Lakers governor.

The deal: Jeff Bezos-anchored 1892 Holdings acquired approximately 38% of Liverpool from FSG at a valuation just over $7 billion, making it one of the largest football-club minority investments ever, with an option to pursue control (more on that below). For context, Amazon generates roughly $7 billion in revenue every ~3 days.

The buyer: Amit Bhatia ran point and becomes vice chairman. Bezos is the lead investor in K5 Global, which wrote the largest check in the deal at over $1 billion. Bryan Baum, K5’s co-founder and managing partner, will represent K5—and, indirectly, Bezos—on Liverpool’s board.

Past team ownership: Bhatia: Queens Park Rangers (vice chairman). Bezos: None. Saverin: None.

The consortium: Alongside Bhatia and K5, the group includes Facebook co-founder Eduardo Saverin's family office and trusts connected to the Mittal family.

The seller: Fenway Sports Group, led by John Henry and Tom Werner, which bought Liverpool for roughly $476 million in 2010.

*The option: 1892 Holdings has the right, but not the obligation, to acquire a controlling stake in Liverpool from FSG within 12 months of the initial investment, at a higher valuation (reportedly near $8 billion). Until then, FSG retains majority ownership and operational control. The structure gives 1892 Holdings immediate economic exposure, board representation and a defined path to control, while giving FSG near-term liquidity and a pre-agreed mechanism for a higher-priced future sale.

The deal: Bill Chisholm's group acquired the Celtics at $6.1 billion, the most expensive NBA transaction at the time.

The buyer: Chisholm, founder of private-equity firm Symphony Technology Group, is a Boston native and lifelong Celtics fan.

Past team ownership: None. Consortium partner Sixth Street held stakes in the Spurs and Bay FC.

The consortium: His group included Sixth Street and the Mittal family, with Aditya Mittal becoming vice chairman and alternate governor.

The seller: The Grousbeck family and Boston Basketball Partners, who bought the Celtics for $360 million in 2002. Team governor Wyc Grousbeck reportedly preferred to keep the Celtics, but the family sold to address estate, tax and family-planning issues, with the decision driven largely by patriarch Irv Grousbeck.

The deal: Josh Harris and partners paid $6.05 billion, a North American record at the time, for a valuable, yet underperforming asset in a major market.

The buyer: Harris, co-founder of Apollo (>$1T AUM), already owned the 76ers and Devils.

Past team ownership: Philadelphia 76ers, New Jersey Devils, Crystal Palace, Pittsburgh Steelers (became LP in 2020, had to divest).

The consortium: The group included Danaher co-founder Mitchell Rales, Magic Johnson, and Blue Owl co-founders Marc Lipschultz and Doug Ostrover.

The seller: Dan Snyder, a marketing entrepreneur who paid $800 million for the franchise in 1999. Snyder’s reign was filled with controversy around severe workplace misconduct, a toxic office culture, and financial improprieties. Investigations by the NFL and Congress eventually forced him to sell the franchise and pay a $60 million fine.

The deal: A consortium led by Todd Boehly and Clearlake Capital acquired Chelsea, with the value including major committed investment in the club, stadium, and academy. The deal established elite European football as a direct competitor to North American franchises for global capital.

The buyer: Boehly, co-founder of Eldridge, fronted the deal and became chairman, with Mark Walter as his principal partner. The two are currently in talks to sell their stakes to Clearlake.

Past team ownership: Los Angeles Dodgers (minority), Los Angeles Lakers (minority), LA Sparks.

The consortium: Organized through BlueCo: Clearlake co-founders Behdad Eghbali and José E. Feliciano, and Swiss billionaire Hansjörg Wyss. Clearlake took majority ownership while Boehly held the public role, a layered model that has since become common.

The seller: Roman Abramovich, the Russian billionaire who bought Chelsea for roughly £140 million in 2003 and was forced out by sanctions after Russia's invasion of Ukraine.

The deal: The Walton-Penner group paid $4.65 billion for the mile-high franchise, the NFL record before Washington and Seattle pushed the market higher.

The buyer: Rob Walton, heir to the Walmart fortune, with Walmart chairman Greg Penner central to the structure.

Past team ownership: None.

The consortium: Carrie Walton-Penner, Ariel Investments co-CEO Mellody Hobson, Condoleezza Rice, and Lewis Hamilton. Retail wealth, institutional finance, statecraft, and global sports celebrity on one cap table.

The seller: The Pat Bowlen Trust, on behalf of the family of the oil-and-finance heir who bought the Broncos for roughly $78 million in 1984. Pat passed away at age 75 in 2019.

The deal: The NBA approved the sale of the Blazers to a group led by Tom Dundon at roughly $4.25 billion, completed in stages, with Dundon's group initially acquiring 80.1%.

The buyer: Dundon, owner of the NHL’s Carolina Hurricanes, made his fortune in subprime auto lending as the founder of Drive Financial Services.

Past team ownership: Carolina Hurricanes (purchased majority stake for $420 million in 2018, purchased remaining minority shares to become sole owner in 2021, sold 12.5% minority share at a $2.66 billion valuation in 2026).

The consortium: Collective Global Founder Sheel Tyle, Blue Owl co-president Marc Zahr, the Cherng family of Panda Express, and Freedom Mortgage founder Stanley Middleman.

The seller: The estate of Paul Allen, who paid $70 million for the Blazers in 1988.

The deal: Mat and Justin Ishbia acquired control of the Suns and Mercury at a combined $4 billion, pairing an NBA and WNBA franchise and taking the whole Phoenix hoops market in one move.

The buyer: Mat Ishbia, former Michigan State walk-on and CEO of United Wholesale Mortgage, became governor. His brother Justin is the billionaire founder of private equity group Shore Capital Partners.

Past team ownership: Justin bought a minority stake in the Chicago White Sox in 2021. He is the designated successor owner of the team under a long-term investment agreement with longtime owner Jerry Reinsdorf. Per the succession framework, Reinsdorf holds the option to sell his controlling interest to Ishbia between 2029 and 2033, with a final takeover option after the 2034 season. Mat: None.

The consortium: A family transaction at its core, the deal left a limited number of legacy minority owners in place, but no broad roster of disclosed additional investors.

The seller: Robert Sarver, the banking executive who bought the Suns for $401 million in 2004 and sold after the NBA suspended him for workplace misconduct.

A seat at the table comes before the keys to the team.

The majority of these deals were led by buyers who had already been inside a professional ownership group. The minority stake serves as both an apprenticeship and an access point that can provide a leg up when control becomes available. Game Plan documented this LP-to-majority path going back to 2005 — people like Marc Lore, Steve Cohen, Joe Lacob all started as minority LPs.

The wealth behind these deals tells you where the Sports Economy is headed next.

The sellers bought their teams for tens of millions and ran them like family heirlooms for decades. The buyers built their fortunes in software, venture capital, and private equity, and they will want their teams run the way they run everything else. Expect the source of wealth to be reflected in the philosophy of the franchise.

The heirloom era of ownership is coming to a close. These teams now belong to people who think in exponentials, bought from families who never imagined the number for which they sold.