Kushner, Iger and the Question of What a Trophy Franchise Is Actually Worth

By EC Assets · Published 14 August 2026 · Updated 14 August 2026

Fourteen months separate two prices for the same asset. The gap between them deserves more attention than the sports pages will give it.

Josh Kushner and Bob Iger have agreed to acquire the Los Angeles Lakers at a reported valuation of 12.5 billion dollars. Mark Walter took control in October 2025 at 10 billion. The transaction still requires NBA approval.

Nothing in the underlying business grew a quarter in that window. So what did?

The honest answer is scarcity. A trophy franchise has no comparable, no replacement cost and no second unit available for sale. Its worth is not derived from cash flow in any conventional sense. It is derived from the simple fact that there are more qualified buyers than there are teams.

That is a real source of value. It is also an unstable one, because it rests entirely on who happens to be bidding when the asset comes to market. Change the identity of two or three participants and the clearing level changes with them.

Allocators should recognise this structure, because they already own versions of it. Private credit positions, venture holdings, unlisted infrastructure. Assets carried at a number that reflects one motivated buyer rather than any continuous market.

At EC Assets, we favour exposures the market prices every session, because the number on the statement should be a number someone will actually pay. The firm treats daily pricing as a risk control, not an inconvenience.

Scarcity can set the price. It never promises you the exit.