Dyal is a division of investment manager Neuberger Berman and has $23 billion in assets; it raised its fourth and largest fund of $9 billion last year. As franchise values continue to surge near $5 billion for top teams, the move indicates the NBA is seeking to broaden its investor base. The league suggested creating an investment vehicle for this purpose last year.
Other investment groups have also popped up in recent weeks seeking deals. Billionaire owners have seen the businesses that built their fortunes suffer and as a result, a larger number might look to sell at least portions of their teams to free up some cash. At least one minority stake is available, as the San Antonio Spurs ownership group is looking to take on a partner, according to reports.
The NBA is the latest league to consider private equity. MLB changed its ownership rules last year to allow funds to be part of ownership groups, leaving the NFL as the only league that prohibits the structure.
