26.5 C
Tuesday, March 21, 2023

NBA teams attract interest from Qatar, Abu Dhabi

NBA teams attract interest from Qatar, Abu Dhabi

The NBA has opened its doors to sovereign wealth funds — and some of the world’s largest funds want to buy in, too.

Qatar Investment Authority and Abu Dhabi-based fund Mubadala Capital have both expressed interest in buying stakes in NBA teams, according to to Bloomberg. These funds manage $450 billion and $284 billion in assets, respectively.

The league’s board of governors voted in December to allow sovereign wealth funds to buy up to 20 percent of a team, subject to league approval. Funds are only allowed to be passive owners and are prohibited from playing a management role in the team.

The New York Knicks could be a potential match: The team has expressed willingness to sell a minority stake and has ties to Abu Dhabi through Silverlake Management, which is also an investor in Knicks owner Madison Square Garden Sports.

The NBA also plans to hold multiple preseason games in Abu Dhabi this September, with the Dallas Mavericks, Milwaukee Bucks and Atlanta Hawks all planning to go.

QIA helps finance the 2022 World Cup and owns French football giants Paris Saint-Germain.

In November, Mubadala paid $971 million for 20 percent of the media rights in the emerging soccer league, Liga do Brasil. Last year, it invested $50 million in the Supercross World Championship, a motorcycle racing series.

NBA teams have welcomed private equity investors who can own up to 30 percent of individual teams. The Phoenix Suns, Sacramento Kings and Golden State Warriors are all teams partially owned by private equity firms.

Source link

Related Articles

Intertek Cristal awards Sheraton Abu Dhabi with five health and safety accreditations

ABU DHABI, UAE - Intertek Cristal, a market-leading global health, safety, quality and security risk management company focused on the travel, tourism and...

Man City legend Lescott shares health tips with Cranley Abu Dhabi kids

Abu Dhabi: Manchester City legend Joleon Lescott recently shared his passion...

Sorbonne University Abu Dhabi organized a presentation entitled “Sustainable Tomorrow Through the Eyes of a Green Sheik”

ABU DHABI - The Sorbonne University in Abu Dhabi hosted an inspirational presentation entitled "Sustainable Tomorrow Through the Eyes of a Green Sheik"....

Abu Dhabi’s ADNOC Drilling, Masdar explores geothermal energy development

ADNOC Drilling Co. and UAE renewable energy company Masdar have signed a five-year memorandum of understanding to explore geothermal energy opportunities as a...

Abu Dhabi’s ADNOC Drilling inks multi-year deal with Masdar to develop and invest in geothermal energy projects

Dubai: ADNOC Drilling will join forces with Abu Dhabi-based clean energy...

Latest Articles