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The National Basketball Association has begun preliminary talks with investment banks as it decides whether to sell two new franchises that would likely fetch billions of dollars, according to people familiar with the matter. PJT Partners Inc. has been advising the league for months about the potential expansion, the people said, asking not to be identified discussing confidential matters. Representatives for PJT and the NBA declined to comment.
James, 41, who still stars for the Los Angeles Lakers as a player, is worth $1.4 billion as of Wednesday, according to Forbes. But his personal worth is not nearly high enough to cover the cost of the expansion fee, and he was always going to need to join a team of investors to make his bid come true.
Fenway Sports Group, James’ business partner since 2011 that owns both the Boston Red Sox and English Premier League soccer giant Liverpool, is not currently interested in pursuing the likely expansion opportunity in Las Vegas, two sources with direct knowledge of the firm’s intentions told The Athletic. One of those sources, who was not authorized to speak publicly for Fenway, said the global sports investment firm was out on NBA ownership in Las Vegas because of the expected cost — the league is reportedly seeking expansion fees as high as $8 billion per team.
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After a prolonged labor battle, the WNBA and Women's National Basketball Players Association reached a verbal agreement on the terms for a new collective bargaining agreement early Wednesday, just 51 days before the league's 30th season is set to tip. "The progress made in these discussions marks a transformative step forward for players and the league," WNBA commissioner Cathy Engelbert told reporters shortly before 3 a.m. ET, "and it's underscoring a shared commitment to the continued growth of the game. "It's [been] a process, but we're very proud to be leading in women's sports, and these players are amazing, and we're going to have an amazing 30th season tipping off in May."
"I think this can be summed up in two words: player empowerment ... players coming to the table and standing on business and being reminded of the collective voice and of what it means to be in a union and the power of this union," Jackson said. "They never forgot it, and they have taken it, like they always do, to the next level."
Mike Vorkunov: Breanna Stewart: "This deal is going to be transformational, and you'll see all the details hopefully soon, but it's gonna build and help create a system where everybody is getting exactly what they deserve and more from on the court and off the court aspects."
The NBA has again teamed with The Coca-Cola Company, naming Sprite its official soft drink partner more than a decade after the lemon-lime soda brand last held that title, according to news shared with Marketing Dive. The deal is effective immediately.
Sources with direct knowledge of the investors’ plans have said the Saudi Arabian Public Investment Fund, which has a massive sports portfolio and started LIV Golf, is preparing to submit a bid for a new London-based team. Qatar Sports Investments, which owns soccer giant Paris Saint-Germain, is prepping one for a new team in Paris, and Gerry Cardinale’s RedBird Capital, which owns Italian soccer powerhouse AC Milan, will submit a bid for a new team in Milan.
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Each of those bids for NBA Europe franchises, sources with knowledge said, is expected to be an independent bid to create new teams. There has been widespread interest from existing European clubs, such as Alba Berlin and ASVEL (near Lyon, France), but it was not known immediately whether those clubs might partner with additional investors to meet the NBA’s asking price for a license.
Malika Andrews: An update on the WNBA CBA Negotiations on NBA Today: there is optimism that an agreement will be reached — it’s a matter of if, not when. The biggest sticking point right now is the revenue share, @alexaphilippou reports:
By December, Castle’s Spurs teammates, many of them serious soccer fans, learned that their point guard was not only last season’s NBA Rookie of the Year, but also one of several minority owners of CT United of Major League Soccer’s developmental second division, called Next Pro. CT United began its first season this month. “We got a lot of soccer fans on our team,” Castle said, “so it started some trash talk, kind of instantly.”