Silver: No sovereign owners in league’s forthcoming

NBA commissioner claimed that there is no prospect for sovereign wealth funds to become National Basketball League’s organizations’ owners.

NBA Comissioner Adam Silver wants to make sure that individuals are the ones that are primarily governing teams as investments by sovereign wealth funds increase. https://t.co/5Qu0ir7YFg

— The Japan Times (@japantimes) July 11, 2023

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“I don’t want to predict the future, but there’s no reflection right now,” Adam shared during a question-and-answer session. It’s very crucial to us, putting aside sovereign wealth funds, that individuals are in a position to control our franchises, be accountable to the supporters, be accountable to their sponsors and to the players.

“It’s critical to the league that there be a real owner, independent of sovereign wealth funds. To be part of the community, the connection with the players and their other partners in the NBA.

The NBA rules state that sovereign wealth fund can’t own more than 5% of an organization, and the controlling owner must have at least 15%.