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Dyal Capital set to close deal to buy minority stake in Sacramento Kings, valuing National Basketball Association team at $ 1.5 billion, Wall Street Journal reported, citing people familiar with the matter.
Dyal, a publicly traded unit Blue Owl Capital Inc. is buying a nearly 5% stake in the team, according to the newspaper. The deal could be announced as early as this week.
The unit agreed last week to buy less than 5% of the Phoenix Suns in a deal that values that NBA team at $ 1.55 billion, Bloomberg News reported. With diversified investments in NBA teams, Dyal is betting valuations will rise due to media content rights, as tech companies like Amazon.com Inc. look to expand the offerings of live sports.
Dyal initially plans to raise around $ 1 billion for the Dyal HomeCourt Partners fund and intends to build a portfolio of minority investments in six different teams, with the goal of doubling it eventually, the Journal said, citing people familiar with the strategy.
Blue Owl shares have risen 11% in the year to date, bringing the New York-based firm’s value to around $ 15.8 billion.
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