NBA decides to allow sovereign and pension wealth funds
December 2, 2022
The National Basketball Association (NBA) has decided to allow sovereign and pension wealth funds to own passive stakes in NBA teams.
It was reported by Sportico that the decision was voted on by the NBA Board of Governors earlier this week.
League spokesperson Mike Bass said: “The NBA board of governors recently decided to allow direct, passive investments in NBA teams by institutional investors. All such investments are subject to league review and NBA board approval.”
This is the another move that the NBA is making to try an open up the opportunity of team ownership to another group of people.
The move comes while one the league’s most expensive franchises is up for sale.
The Phoenix Suns are believed to be valued somewhere north of $3 billion and there are rumours of a consortium involving President Barack Obama could be looking into purchasing the team.