Bob Iger and Josh Kushner’s $12.5bn bid to buy the Lakers shows that NBA teams are no longer family dynasties, but quick flips for private equity sharks

For years, the NBA was built on the alliance of patient money and marketing pizzazz, and no team captured that curious mixture better than the Los Angeles Lakers. Through Showtime in the 1980s and the dominance of the Shaq-Kobe years, the Lakers became the benchmark for a league and a sport intent on global conquest: charismatic, ambitious, and flashy, a sporting-cultural amalgam in which athleticism and celebrity held equal rank. Through careful front office recruitment, savvy coaching, and the harnessing of Hollywood’s star power, the Lakers evolved from a team into a “brand,” establishing a template that virtually every other outfit in the NBA has felt compelled to mimic in the years since. But the razzle-dazzle on the court – the Laker Girls, Magic flinging no-look passes, Shaq smashing the glass, Jack Nicholson smiling his Joker smile in the front row, all eyebrows and mischief – depended on a far more staid and stable arrangement off it. Real estate investor Jerry Buss bought the Lakers for $16m in 1979, and remained the majority owner until his death in 2013, when his children assumed control of the franchise.

When Jerry Buss died, the Lakers were valued at $1bn. Now, the team looks set to be sold to former Disney CEO Bob Iger and venture capitalist Josh Kushner, the brother of Donald Trump’s son-in-law Jared, for $12.5bn. The sale is still under negotiation and will need to be approved by the NBA’s board of governors; the Buss siblings are also now bickering over whether to join the stampede and sell their minority 17.8% stake in the franchise to Iger and Kushner, which has added a subplot of Shakespearean family intrigue to proceedings. But in the likely event it goes through, the sale would make the Lakers the most valuable franchise in basketball. It would also signal an acceleration in private equity’s scramble to get its claws into the world of sport.

Monkey bars, gawky teenagers and a presidential cameo – all given a prime-time showcase by ABC – combined for the most leaden hour of America’s 250th birthday summer

Culturally, it’s been a tough few months for Donald Trump. The UFC night he held at the White House for his birthday got lost amid the froth and excitement of the World Cup. The Great American State Fair on the Washington DC National Mall was a dud. The president’s jokes at the White House Correspondents’ Dinner all bombed. Could the Patriot Games, a nationwide competition to find the American schoolchildren most adept at traversing a set of monkey bars, help rescue the summer?

Last night we got our answer: no. A one-hour prime-time special brought us the best of the Patriot Games, and in a crowded field it managed to offer some of the most leaden TV of the American semiquincentennial. Freedom 250, the White House-backed non-profit that hosted the UFC fight at the White House and the Great American State Fair, produced the event, and put up the $125,000 in college scholarship winnings that went to each winner on the boys’ and girls’ side of the competition. The final round of the Games actually took place earlier this week, at a sports training facility outside Cleveland, Ohio. Last night we just got the best bits, and judging by what that amounted to, we should all be thankful we never had to endure the other bits. This was Trumpworld’s answer to the Hunger Games, but it’s unlikely there will be much clamor for a sequel. The patriots may be hungry for more, but the rest of us? Eh.