Dyal Buys Stake in Phoenix Suns, Valuing Team at $1.55 Billion
- Valuation is four times Robert Sarver’s initial investment
- Dyal has agreement to buy stakes in the NBA’s 30 teams
This article is for subscribers only.
A new division of Dyal Capital Partners agreed to buy a minority stake in the Phoenix Suns, valuing the National Basketball Association team at $1.55 billion, as institutional investors edge into a space previously dominated by billionaires.
Dyal HomeCourt Partners is purchasing less than 5% of the team and may acquire more over time, according to people familiar with the matter who asked not to be identified discussing details of a private deal. As many as 10 existing investors are selling some of their holdings, with none unloading more than 15% of their stakes. Suns owner Robert Sarver isn’t one of the sellers, the people said.