The NBA market speeds up: 17 ownership changes in twelve years

The news is no longer that an NBA franchise is being sold, but rather the dizzying speed at which they are changing owners. Since 2014, when Steve Ballmer acquired the Clippers for $2 billion, almost half of the league has changed hands. To understand the magnitude of this shift, just compare two periods: between the purchase of the Lakers by Jerry Buss in 1979 and Ballmer's acquisition, there were 26 transactions over thirty-five years. Of the 43 total sales during that time, nearly 40% occurred in the last twelve years. The market has not only accelerated; it has transformed into an unprecedented transaction machine.

Between 2025 and 2026, the phenomenon reaches its peak. Six transactions have been closed in just two years, with franchises changing owners in consecutive seasons. The Lakers exemplify this whirlwind: they went from the Buss family to Mark Walter for $10 billion in 2025, and just a year later were sold to Josh Kushner and Bob Iger's group for $12.5 billion. The Timberwolves followed a similar pattern, transitioning from Marc Lore and Alex Rodriguez ($1.5 billion in 2025) to Marc Stad ($4.5 billion in 2026). At this pace, Boston joins the fray, sold for $6.1 billion, and Portland for $4.25 billion.

The Lakers: the thermometer of the new market

No transaction illustrates the transformation of the market better than the double sale of the Lakers. The franchise that the Buss family bought for just $67.5 million in 1979 and turned into a global brand with eleven championships set a record in 2025 for any sports ownership in the United States. However, that seemingly unbreakable record lasted only a year. The Kushner-Iger deal, still pending the board of governors' approval in mid-September, raised the bar to $12.5 billion and demonstrated that in this market even the extraordinary loses relevance quickly.

The case of Boston adds revealing nuances. This is not a franchise in distress, but the champion of 2024. Bill Chisholm took control for $6.1 billion of a team that Boston Basketball Partners had acquired for just $360 million in 2002. This revaluation of over 1,600% is one of the highest in the league's history. The starting point of this entire era, Ballmer's purchase in 2014, followed a similar script: his $2 billion, at the height of Donald Sterling's downfall, nearly quadrupled the previous record and was met with skepticism. Today, with the Intuit Dome standing and the franchise's value multiplied, that deal reads as the first signal of the real entry price into the business.

Who buys and how the owner profile has changed

Million-dollar sales existed before. The Knicks were sold for $1.1 billion in 1997; Denver for $450 million in 2000. But they were isolated milestones, not a systematic pattern. The current difference lies in frequency and scale. Brooklyn went from $200 million in 2010 to $3.5 billion in 2019; Phoenix from $401 million in 2004 to $4 billion in 2023. The numbers not only grow; they do so exponentially.

Even more relevant is the transformation of the buyer profile. The classic owner was a billionaire entrepreneur who acquired the team as a prestige asset and an emotional bond with their city. The new buyer comes from the financial world: investment groups, tech magnates, and consortiums capable of amassing billions without needing personal fortune. Bill Chisholm arrived in Boston backed by a structure of investors; Tom Dundon adds the Blazers to a sports portfolio that already includes the NHL's Carolina Hurricanes; Bob Iger, raised as a Knicks fan, buys the Lakers alongside Josh Kushner, based in New York.

The NBA itself opened this door in 2021, allowing the entry of private equity funds into minority stakes when individuals capable of signing these checks were already scarce. The allure for investors is evident: there are only thirty teams, audiovisual revenues guarantee a profitability floor, new television and streaming contracts raise the income ceiling, and the international market continues to expand. Scarcity plus growth: the formula that capital never ignores.

Exit opportunities for veteran owners

For historical owners, the consequence is an unprecedented exit window. Marc Lasry bought the Bucks with Wesley Edens for $550 million in 2014 and exited with a valuation of $3.5 billion; a gain of over 500%. Michael Jordan paid $275 million for the majority of Charlotte in 2010 and sold it valued at $3 billion in 2023, multiplying his investment more than tenfold.

The uncomfortable question Europe must ask now

The underlying question transcends the numbers. It is not just about how much a franchise is worth, but what it means that its owners are increasingly financial investors. Money finances arenas, rosters, and structures; but a fund that views the team as part of a diversified portfolio may prioritize economic return over the historical relationship with basketball and its culture.

This question crosses the Atlantic with a specific date. The EuroLeague just announced its franchise model with binding offers of nearly €700 million for new spots. Europe is importing exactly this system in its initial phase, when the fees seem expensive and potentially unsustainable. Within a decade, it is likely that these figures will be seen as the $2 billion of Ballmer: the bargain that no one recognized at the moment.

The transformation of the NBA franchise market is not a passing anomaly, but the manifestation of a profound structural change. The combination of asset scarcity, revenue growth, and the influx of institutional capital has created an unprecedented revaluation cycle. The Lakers, sold twice in twelve months with an increase of $2.5 billion, are not the exception: they are the mirror reflecting the future of professional sports.

This is an automatic translation. You can read the original news, El mercado NBA se acelera: 17 cambios de dueño en doce años