What happened: Kushner and Iger’s agreement came roughly one year after Mark Walter acquired control at a $10 billion valuation. Sports Value Consulting CEO Michael Rapkoch argues scarcity supports the price, while author William D. Cohan questions whether the revenue potential justifies it.

Why it matters: The transaction could reset franchise comparisons across the NBA as ownership stakes change hands. For the buyers, long-term appreciation must overcome an unusually high entry price.

What to watch: NBA approval is the next checkpoint, with the league’s board scheduled to meet in New York next month.