Thrive Capital founder Joshua Kushner and former Walt Disney CEO Bob Iger are holding discussions regarding a bid for the National Basketball Association‘s (NBA) planned expansion franchise in Las Vegas.

Thrive has hired investment bankers in a bid for a majority investment in the team, which would be funded partly through Thrive’s holding company, Thrive Eternal, sources familiar with the matter told Bloomberg. The size of the bid and the franchise’s valuation were not disclosed.

Thrive Eternal, focuses on assets with "qualities that cannot be replicated by technology.” The vehicle is funded by existing investors in Thrive’s venture capital and growth equity funds. 

"Thrive Eternal is built on the belief that the most enduring of these assets share common characteristics: they benefit from long-term stewardship, they compound through cultural resonance, and they are enhanced by technology rather than displaced by it,” Kushner wrote in a post on X at the time. 

Kushner had previously taken a small position in the NBA’s Miami Heat. However, NBA ownership rules generally prevent investors from holding stakes in more than one franchise.  Kushner would likely have to divest his Heat interest to be approved for any additional team investment. 

The league also restricts arrangements where both an individual and a company they founded have ownership interests in the same franchise structure.

In April, Thrive Capital bought a small stake in the San Francisco Giants through the same holding company. The capital from that deal will go towards the Giants’ Oracle Park and surrounding real estate, Bloomberg previously reported.

Iger rejoined Thrive Capital as an advisor earlier this year. It was reported at the time that he would be “deeply involved” in the MLB stake as well as investments in other pro sports franchises, live event venues, and festivals.

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