Veterans from the worlds of finance and technology are using their professional skills to take on a totally new kind of competitive arena: the National Basketball Association.
The season is expected to kick off next week, and the list of Wall Street and Silicon Valley billionaires chasing a return on investment on the hardwood is getting longer.
Apollo Global Management co-founder Tony Ressler earlier this year led a group of investors that includes NBA great Grant Hill to buy the Atlanta Hawks in a deal valued at more than $800 million.
Ressler is a seasoned Wall Street pro, and also put money into Major League Baseball's Milwaukee Brewers 10 years ago.
Gone are the days where a local real estate magnate or entrepreneur winds up running the town’s team. Now, increasingly wealthy executives who made most of their money on either coast of the US are swooping in, and paying huge sums to take over pro franchises.
Before we kick off the NBA season, Business Insider breaks down the winners and losers in basketball who have all the skin in the game: the owners.
Steve Pagluica took his private equity chops to the NBA more than 10 years ago
Team: the Boston Celtics
Owner(s): Bain Capital's Stephen Pagliuca bought the Celtics for $360 million in 2003 with a group of co-investors
Last year’s record: The Celts limped into the playoffs with a 40-42 regular season record. However, in 2008, under Pagliuca's ownership, Boston won the NBA Championship.
Joe Lacob went from the venture capital world to hoisting an NBA championship trophy
Team: the Golden State Warriors
Owner(s): Venture capitalist Joe Lacob and Mandalay Entertainment CEO Peter Guber bought the Warriors in 2010 for a then-record $450 million
Last year’s record: Golden State went 67-15, and then topped the Cleveland Cavaliers and LeBron James to win the NBA Championship.
Tony Ressler, who has cofounded two private equity firms, also owns two pro sports teams
Team: the Atlanta Hawks
Owner(s): Tony Ressler, who founded Apollo Global Management in 1990 and later founded Ares Management, led a group of investors who spent $850 million on the team in 2015. He also co-owns the Milwaukee Brewers.
Last year’s record: 60-22
See the rest of the story at Business Insider
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