Neuberger’s Dyal Seeks New Fund to Buy Stakes in NBA Teams
- The firm will work in partnership with basketball league
- Price tags of NBA teams can range as high as nearly $5 billion
Julius Randle of the New York Knicks drives to the basket against the Atlanta Hawks at State Farm Arena in Atlanta, Georgia, U.S., on March 11.
Photographer: Scott Cunningham/NBAE via Getty Images
Neuberger Berman’s Dyal Capital Partners is raising money for a fund that will invest in National Basketball Association teams, part of a growing effort by owners to capitalize on the soaring valuation of pro-sports organizations.
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.