LAS VEGAS — NBA commissioner Adam Silver said Monday there is no pathway “in the foreseeable future” for sovereign wealth funds to become the controlling owners of an NBA franchise.
“I don’t want to say what could ever happen, but there’s no contemplation right now,” Silver said during a question and answer session at the Associated Press Sports Editors convention. “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.”
Under the NBA’s current investment rules, the controlling owner of an NBA team has to own at least 15% of the franchise, and any sovereign wealth fund can only have a passive investment in a team of no greater than 5%.
Last month, Qatar’s sovereign wealth fund purchased a 5% stake in Monumental Sports & Entertainment, giving it stakes in the NBA’s Washington Wizards, the WNBA’s Washington Mystics and the NHL’s Washington…
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