buying its way into the sport of golf — while controversial in many quarters — is a sign of the global appeal of sports properties, whose value has continued to appreciate.Galatioto noted that the four major U.S. sports leagues — the NFL, NBA, NHL and Major League Baseball — have no explicit provisions barring ownership of teams by overseas entities. Until 2016, Japan-based Nintendo had a majority interest in baseball’s Seattle Mariners, he pointed out.
A sale never happened because Moreno changed his mind. Still, that expression of interest “was just the beginning,” Galatioto said, and Levine and Ozanian noted investments by Saudi Arabia and Qatar in soccer. The global nature of the NBA makes it the most likely to see a multi-national coalition of owners much like what exists in the English Premier League or Formula 1.
Soccer “is a clear indication that you’re going to see these high-priced global assets attract money from all over the world,” Levine said. Levine said Russian oil money used to be a dominant source of wealth manifest in sports dealmaking, but the war in Ukraine has shifted the balance of power to the Middle East. To some, however, not all money should be treated equally, even when it is funding multi-billion-dollar enterprises. The LIV-PGA agreement has infuriated some stakeholders in golf given Saudi Arabia’s human rights record.
“We’ll see what happens with regard to the geo-political circumstances with China,” Levine added. “Any time these asset values grow to the levels they’re at, the number of potential buyers is smaller and smaller and a global pool of buyers is totally logical.”
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