San Francisco · SpaceX · OpenAI · Fortune Technology
One of the VC world’s biggest stars is doubling down on sports in a big way, and there’s a compelling tax reason behind the
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Kushner previously owned a minority stake in the Memphis Grizzlies, then sold it and bought a small stake in the Miami Heat, which he must sell to buy the Lakers.
Key facts
- If the Lakers deal is approved, however, Kushner and Iger will own about 83% of the iconic NBA franchise after the Buss family agreed to sell its share
- It’s a powerful tax shield,” Ram Ahluwalia, founder of Lumida Wealth Management, posted on X over the weekend
- In fact, as much as 80% of the value of a team is comprised of intangibles
- Sports industry analyst Joe Pompliano predicted that as soon as the Lakers deal closes, the new owners will allocate 90% or more of the price tag to intangible assets
Summary
The new owners can bask in the aura of the Lakers’ storied history, celebrity fans, and overall glitz. “It’s a powerful tax shield,” Ram Ahluwalia, founder of Lumida Wealth Management, posted on X over the weekend. He pointed out that Kushner is likely facing big gains from his holdings in SpaceX, OpenAI, and Stripe. For example, a team’s roster of players can be counted as an intangible asset that depreciates over time, generating hefty paper losses that offset an owner’s taxable income elsewhere. Sports industry analyst Joe Pompliano predicted that as soon as the Lakers deal closes, the new owners will allocate 90% or more of the price tag to intangible assets.