Law firm O'Melveny projects a 15%-20% drop in team control and limited-partner positions, as Covid-19 hammers sports owners' revenue streams.
Baker said it could take time for the sports ownership market to "heat up," but potential buyers would have the advantage during the economic downturn. Baker added the limited partner space should be active, as "some owners may feel pressure and want to offload some stakes in teams to sure up liquidity."
Though owners like the Los Angeles Clippers' Steve Ballmer and New York Knicks owner James Dolan, who completed aTilman Fertitta, controller of the Houston Rockets, is not only suffering from what league commissioner Adam Silver said is a drop to "zero revenue" in the NBA, but also from his other businesses.
The Rockets did not make Fertitta available for an interview, but he told Bloomberg about an offer to "sell 50% of the Rockets for $1 billion and the answer was no." Ryan Davis, a transactional and business lawyer at St. Louis-based law firm Bryan Cave Leighton Paisner, said though owners are enduring a "short-term cash crunch," he hasn't sensed dismay among U.S. top ownership groups even though franchise valuations could decline.
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