Celtics Owner Pitches UAE Sovereign Wealth Fund on Stake in NBA Champs

Bloomberg11-22 23:30

(Bloomberg) -- A few months after putting the NBA champion Boston Celtics up for sale, majority owner Wyc Grousbeck was in the Middle East pitching the team to one of the region’s biggest investors. ...

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During that trip, Grousbeck met with Mubadala Investment Co., one of the country’s sovereign wealth funds, to discuss a potential investment, according to people with knowledge of the matter.While Mubadala has yet to decide whether to invest, Bloomberg reported last year that its executives are interested in NBA ownership. However, major Middle East investors are unwilling to take passive stakes in teams at steep valuations that don’t offer a say on management, according to people familiar with the matter. Sovereign wealth funds can own as much as 20% of an NBA franchise.The NBA is seeking to extend its sponsorship with ADQ, an Abu Dhabi-based investment and hold","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UAE":"iShares MSCI UAE ETF","IE00B894F039.SGD":"Legg Mason ClearBridge - US Aggressive Growth A Acc SGD-H","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","IE00BZ9MQY76.HKD":"FTGF CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (HKD) ACC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","MSGS":"麦迪逊运动","IE00B19Z9Z06.USD":"Legg Mason ClearBridge - US Aggressive Growth A Acc USD","BK4108":"电影和娱乐"},"translate_title":"凯尔特人队老板向阿联酋主权财富基金推销NBA冠军的股份","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UAE":1,"MSGS":0.9},"content_text":"(Bloomberg) -- A few months after putting the NBA champion Boston Celtics up for sale, majority owner Wyc Grousbeck was in the Middle East pitching the team to one of the region’s biggest investors.\nThe Celtics played preseason games in Abu Dhabi in October as part of the NBA’s third annual trip to the capital of the United Arab Emirates. During that trip, Grousbeck met with Mubadala Investment Co., one of the country’s sovereign wealth funds, to discuss a potential investment, according to people with knowledge of the matter.\nWhile Mubadala has yet to decide whether to invest, Bloomberg reported last year that its executives are interested in NBA ownership. However, major Middle East investors are unwilling to take passive stakes in teams at steep valuations that don’t offer a say on management, according to people familiar with the matter. Sovereign wealth funds can own as much as 20% of an NBA franchise.\nPro team owners are increasingly turning to Gulf sovereign wealth funds. With valuations soaring, they are some of the only investors with deep enough pockets to buy stakes. \nThe Celtics, valued at $5.1 billion by Sportico, might need them more than most because it could be a tough sell. Despite the team’s on-court success, it lost money last season because of its high payroll. The franchise also doesn’t own an arena, an increasingly important revenue stream for investors.\nSpokespeople from Mubadala and the Celtics declined to comment.\nOn Thursday, the Celtics visited the White House and President Joe Biden to celebrate their title. After the event, Grousbeck told reporters there was “a lot” of interest in the team.\nGrousbeck’s overtures in the Middle East are part of a larger push by the NBA into the region. The NBA held discussions this year with Qatari sovereign wealth investors, pitching a range of potential deals, including holding exhibition games in the country, using stadiums that were built for the recent World Cup in 2022, and various media rights deals, a person said.\nThe NBA is also considering opening a regional office in the Middle East, one of the few areas it doesn’t have an on-the-ground presence, the people said.\n“We are exploring a number of options to continue to grow our fan engagement efforts in the Gulf region, where there is growing interest in the NBA,” said NBA spokesman Mike Bass.\nIn mid-2023, Qatar Investment Authority bought a 5% stake in Monumental Sports & Entertainment, the holding company of the Washington Wizards.\nThe UAE has been home to a range of recent sponsorship deals. Emirates Airline, based in Dubai, is the main sponsor of the NBA Cup, the in-season tournament that debuted last season. Patches promoting Abu Dhabi as a tourism destination are on New York Knicks jerseys this season.\nThe NBA is seeking to extend its sponsorship with ADQ, an Abu Dhabi-based investment and holding company, which expires this year, one person said. The head of Abu Dhabi Department of Culture and Tourism board — Mohamed Khalifa Al Mubarak – is a long-time Lakers fan. He’s also the brother of Mubadala’s chief executive officer. \nThe Knicks have long been speculated as the next NBA team that might see investment from a Middle East investor. The team is owned by Madison Square Garden Sports Corp., which is controlled by the Dolan family. One of MSGS’s largest shareholders is investment firm Silver Lake Management, which has strong ties with Abu Dhabi’s Sheikh Mansour Bin Zayed Al Nahyan and is a co-investor with him in Premier League giant Manchester City.\nSpeaking on an earnings last year, David Hopkinson, president of MSGS at the time, said the company was open to selling a minority stake in the Knicks.\nIn October, James Dolan’s Sphere Entertainment — the company behind the $2.3 billion Las Vegas Sphere — struck a deal to build its second venue. The new one will be in Abu Dhabi.\nSign up for Bloomberg’s Business of Sports newsletter for the context you need on the collision of power, money and sports, from the latest deals to the newest stakeholders. Delivered weekly.\n--With assistance from Matthew Martin.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Shareholding Changes","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485298165"}