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Per the NBA's investment rules, the controlling
owner of an NBA franchise must own at least 15 percent of the
franchise.
If a sovereign wealth fund wants to get involved, it must have a
passive investment in the organization that is worth no more
than five percent. A prime example of this is the Qatar
sovereign wealth fund, which last month agreed to purchase a
five-percent stake in Monumental Sports and Entertainment, the
controlling owner of the Washington Wizards, the WNBA's
Washington Mystics and the NHL's Washington Capitals.
Silver wants to make sure that individuals are the ones that are
primarily governing teams, though.
"I don't want to say what could ever happen, but there's no
contemplation right now," Silver said in Las Vegas. "I mean,
it's very important to us, putting aside sovereign wealth funds
that individuals are in a position to control our teams, be
responsible to the fans, be responsible to their partners and to
the players.
"It's very important to us that there be a person (in charge),
and this is independent of sovereign wealth funds. I think that
in terms of the connection with the community, the connection
with the players and their other partners in the league."
One of the most notable sovereign wealth funds as it relates to
the sports is Saudi Arabia's Public Investment Fund, which funds
LIV Golf. The PGA Tour created shockwaves across the golf world
last month when it announced it planned to enter a merger with
LIV.
--Field Level Media
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