CVC Capital Partners is interested in the San Antonio Spurs. Just ten days after the NBA opens the door for venture capital companies to enter franchises, CVC is positioned to enter the league.
The former owner of Formula 1, who has just reached an agreement to invest 300 million dollars in the international volleyball federation, accelerates its investments in sports seeking to position itself in the best basketball league in the world, according to Financial Times.
CVC Capital Partners is in talks to buy a minority stake in the San Antonio Spurs, with a valuation of $ 1.3 billion. Its objective is to acquire 15% of the club’s capital, which belongs to the Holt family, founder of the Caterpillar commercial vehicle company.
CVC accelerates its investments in sports, ready to invest nearly 200 million dollars in Spurs
The coronavirus pandemic has accelerated investment by venture capital companies in the sports sector, with competitions and clubs seeking injections of liquidity as their revenues decline.
The NBA changed its regulations regarding franchise ownership at the end of January, allowing funds to control up to 20% of franchises, being able to have participations in a maximum of five different teams.
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