Dyal Capital Partners, division of US investment management firm Neuberger Berman, is on a very unique mission now a days. The company is raising money for a fund that will invest in National Basketball Association (NBA) teams according to a report published in Bloomberg.
NBA Teams to raise monies via unique model
According to the report, Dyal Capital Partners has been ‘selected’ by all 30 teams of NBA to raise a fund that can buy minority stakes in the teams. With franchise values skyrocketing in recent years, the NBA wants to expand team ownershipsto include a broader array of investors. The high price of a typical team has made it harder for current investors to unload their stakes, so the league is getting more flexible. The report claims that the basketball association told managers last year that it could create an investment vehicle that would buy such minority shares.
Dyal, known as the biggest business of its kind to take stakes in private equity firms, was tapped by the NBA to acquire interests in teams, according to people familiar with the matter who asked not to be identified because the arrangement is private. The firm plans to hire sports investing professionals to aid the effort, but it’s unclear how much money it will seek to raise.
Dyal is known for taking stakes in private equity firms such as Silver Lake and Vista Equity Partners. The business — run by Michael Rees and Sean Ward
Also Read: Sports Business : Wilson replaces Spalding as official ball of NBA
Editor's Pick
Cricket
Rohit Sharma to join Team India as 'spectator' on Day 3 of 1st BGT Test, boost for Bumrah & Co
Top Stories
