October 6, 2023
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I’d be surprised if we don’t see another sovereign wealth fund investing in an NBA team over the next 12 months. But from which country — and for how much?
— David Rumsey [[link removed]]
NBA Open To More Team Investments From Middle East Wealth Funds [[link removed]]
Dallas Mavericks/Twitter
In Abu Dhabi for a pair of preseason games between the Dallas Mavericks and Minnesota Timberwolves, the NBA could be on the path toward receiving further investment from Middle Eastern sovereign wealth funds.
In June, the Qatar Investment Authority purchased [[link removed]] a roughly 5% stake in the Washington Wizards’ parent company, Monumental Sports & Entertainment. The move came about seven months after the NBA decided to allow [[link removed]] minority team investments from sovereign wealth funds.
In the ensuing weeks, NBA commissioner Adam Silver confirmed [[link removed]] that those wealth funds would not be permitted to acquire full ownership of franchises. That means a company like City Football Group — which is majority-controlled by an Abu Dhabi Royal Family member and owns MLS’ NYCFC and the Premier League’s Manchester City — wouldn’t be able to buy an NBA team outright.
But this week, NBA deputy commissioner Mark Tatum admitted that funds from Abu Dhabi or even Saudi Arabia could ultimately purchase minority stakes of NBA teams.
“We anticipate our teams will receive continued interest from institutional investors around the world,” Tatum said [[link removed]]. The league hasn’t had any discussions about hosting games in Saudi Arabia, he added.
Minority stake sales can happen at any point but require the same league-wide approval as complete franchise purchases. Right now, a 10% stake in the Golden State Warriors — potentially worth $700 million — is reportedly up for sale [[link removed]].
PGA Tour-Saudi Deal May Miss Deadline As Obstacles Grow [[link removed]]
Dan Hamilton-USA TODAY Sports
As negotiations continue to stall, the self-imposed Dec. 31 deadline for the PGA Tour, DP World Tour, and Saudi Arabia’s Public Investment Fund to complete a deal to form a new commercial entity could be pushed back.
Recently, the PGA Tour began receiving unsolicited interest from U.S.-based investors looking to potentially join or even replace the PIF in financially backing the future pro golf landscape.
Now, antitrust concerns and how much control will be ceded to PGA Tour players are among the biggest issues slowing talks down, according [[link removed]] to Bloomberg.
Under the framework agreement agreed to by the three parties involved, the commercial operations of the PGA Tour, DP World Tour, and PIF-backed LIV Golf would fall under a new company, PGA Tour Enterprises. That entity would have PGA Tour commissioner Jay Monahan as CEO and PIF governor Yasir Al-Rumayyan as chairman.
Even if the sides reach a deal before the end of the year, logistics could make it difficult to fully reintegrate LIV golfers before 2025.
The PGA Tour has already released its 2024 FedEx Cup schedule, and LIV has reportedly nailed down the majority of its 2024 dates [[link removed]], many of which go head-to-head with major PGA Tour tournaments.
LIV acting COO Gary Davidson previously told [[link removed]] Front Office Sports the league would have no problem with its golfers also playing in PGA Tour events on weeks LIV was not in action.
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Warriors Owner Interested In Buying The A’s If Fisher Would Sell [[link removed]]
Kelley L Cox-USA TODAY Sports
Fresh off adding a WNBA expansion franchise to his portfolio, Golden State Warriors owner Joe Lacob reiterated that he would be interested in buying the Oakland A’s — if current owner John Fisher were selling.
“We’ve over the years been obviously very interested,” Lacob said [[link removed]] during a press conference announcing the Bay Area [[link removed]] WNBA team that will begin playing in 2025. “You all know that I’ve said it, and if for whatever reason [Fisher] decided it wasn’t going to work, sure, we might be interested.”
With the A’s move to Las Vegas all but official, it would take a near miracle for the MLB franchise to not move and Fisher to sell the club to Lacob, who could theoretically keep it in the Bay Area.
MLB commissioner Rob Manfred hopes [[link removed]] that a formal vote will take place in November, amid petitions from some Las Vegas groups trying to prevent local funding for a new A’s ballpark. MLB’s relocation committee was scheduled [[link removed]] to meet this week to discuss further details about the A’s impending move.
“You have to have someone who wants to sell something to be interested in buying it,” added Lacob, who noted he wasn’t “throwing my hat in the ring,” but rather speaking broadly about his longtime infatuation with the A’s.
Forbes most recently valued [[link removed]] the A’s at $1.18 billion. The Warriors have a $7 billion valuation, and Lacob is investing $50 million for the new WNBA team.
Conversation Starters From schedules to compensation, Donovan McNabb says college football [[link removed]] is starting to look like the NFL. One of the venues being considered to host [[link removed]] the 2024 NHL Draft: The new MGM Sphere in Las Vegas. For the first time, the Savannah Bananas will visit [[link removed]] MLB ballparks in 2024, including stops in six cities.
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Whether it’s great leadership, focus on diversity, equity and inclusion or commitment to employee wellbeing, the Front Office Sports Best Employers in Sports Award [[link removed]]recognizes organizations who do right by their employees.
How do we determine who wins the award? We don’t — employees do! The award is based entirely on anonymous survey results from sports industry professionals.
Responses will be evaluated in collaboration with our primary research partner, Canvs [[link removed]], using patented AI technology free from all subjectivity and human bias. There is no word count limit and you can even use slang, text abbreviations, sarcasm or emojis to complete the survey.
The 2023 employee survey is now open through October 20. Take the survey [[link removed]] and tell us why your organization should make the cut.
Editor's Picks Jon Gruden’s Ongoing Legal Battle Against the NFL Faces Uncertain Timeline [[link removed]]by A.J. Perez [[link removed]]Jon Gruden’s lawsuit against the NFL remains in a holding pattern. Deion Sanders Driving Colorado Merch Sales, Out-Of-State Applications [[link removed]]by Doug Greenberg [[link removed]]Merchandise sales on Colorado’s online store are up 1,220%. Roger Federer-Backed On Outlines Ambitious Growth Plans [[link removed]]by Doug Greenberg [[link removed]]The Swiss company plans to double sales to $3.85 billion by 2026. Coyotes Become Final Piece in Shifting Arizona Pro Sports Viewing Landscape [[link removed]]by A.J. Perez [[link removed]]The Coyotes are the latest team to pivot amid DSG's bankruptcy. Get in on the Action
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