NBA Commissioner Adam Silver addressed the possibility of a sovereign wealth fund purchasing controlling ownership of a franchise in the league.
dismissed the possibility of sovereign wealth funds becoming the controlling owners of a franchise on Monday weeks after the Qatar Investment Authority reportedly bought a roughly 5% stake in Monumental Sports & Entertainment – the owner of the Washington Wizards.NBA Summer League"I don't want to say what could ever happen, but there's no contemplation right now," Silver said, via ESPN.
"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." NBA Commissioner Adam Silver addresses the media prior to Game One of the 2023 NBA Finals on June 1, 2023 at the Ball Arena in Denver.NBA spokesperson Mike Bass and the league Board of Governors decided in November to allow "passive, non-controlling, minority investments in NBA teams by institutional investors, including university endowments, foreign and domestic pension funds and sovereign wealth funds, subject to a set of policy guidelines adopted at that time.
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