Private equity invaded sports in 2021 with nearly $2 billion in deals, and the NBA was in high demand

U.S. stocks made a ton of money for investors in a decade-long bull market that lasted through the end of last year.

The NBA has the highest price return compared to other leagues, as basketball’s globalization has expanded to other markets, including its more than $5 billion China operation and the newly launched $1 billion NBA Africa venture.

Now, private equity investors are rushing in for a piece of the action. PitchBook’s 2021 private equity breakdown estimated over $1 trillion in total deals last year, and roughly $2 billion of that was spent purchasing equity stakes in U.S. sports franchises.