The private equity industry has historically been known for buying struggling companies and attempting a turnaround. But the handful of firms investing in professional sports teams have mostly taken a different approach so far, buying up minority stakes in franchises with successful track records.
The latest example came Tuesday when Dyal HomeCourt Partners, a division of Dyal Capital Partners dedicated to backing NBA teams, announced it had purchased a stake of less than 5% in the Phoenix Suns through a deal that values the NBA franchise at approximately $1.55 billion.
The Suns beat the Milwaukee Bucks in Game 1 of the NBA Finals on Tuesday night. Oddsmakers have pegged The Suns as favorites to win the first championship in the franchise’s history.
Read more/Source: Pitchbook
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.