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Josh Kushner, founder of investment firm Thrive Capital and brother of President Donald Trump’s son-in-law Jared Kushner, owns a minority stake in the Heat, the team confirmed to Front Office Sports.
A spokesperson for Miami confirmed to FOS that the sale of a minority stake to Josh Kushner happened late last year, and that Micky Arison—majority owner of the franchise—and his family were not the sellers.
The exact size of the stake purchased by Kushner, the price he paid, and the exact timing of the deal were not disclosed.
The Heat have a Forbes valuation of $4.25 billion, or 13th highest in the league as of October. That was before the Celtics set a new record with their $6.1 billion sale to a group led by private-equity veteran Bill Chisholm.
A source familiar with the matter confirmed to FOS that Kushner acquired a stake of less than 5% in the Heat, as first reported by Puck.
Kushner sold a minority stake he owned in the Memphis Grizzlies in order to buy the Heat stake, as required under NBA ownership rules, a source familiar with the matter tells FOS. Kushner reportedly acquired a 2.5% stake in the Grizzlies back in 2019 at a $1.32 billion valuation. The Grizzlies declined to comment on Friday. The NBA declined to comment on Friday.
Kushner sold a minority stake he owned in the Grizzlies to buy the Heat stake, according to the New York Post. Kushner reportedly acquired a 2.5% stake in Memphis back in 2019 at a $1.32 billion valuation. The Grizzlies declined to comment Friday. The NBA did not immediately respond to requests for comment.
Founded in 2009, Thrive is a New York City–based venture capital firm focused on technology investments. Its investment portfolio includes ChatGPT parent OpenAI and Ramp, a fintech company used by businesses to manage corporate spending. Josh Kushner’s firm, Thrive Capital, did not immediately respond to a request for comment Friday.
His brother, Jared Kushner, is well known as the husband of Ivanka Trump and son-in-law of Trump. He was a special advisor to Trump during his first administration, and although he does not have an official role in the current administration, CNN reported Friday that he has been “informally advising administration officials on negotiations with Arab leaders” ahead of a planned Trump trip to the Middle East.
