A five per cent stake in the Golden State Warriors has been put up for sale as minority investors look to regain losses from the COVID-19 pandemic.
According to reports, the stake in the National Basketball Association (NBA) franchise could be worth up to US$200 million and an auction is said to have already started for it.
In total, the Warriors supposedly have 15 investors, including Joe Lacob and Peter Guber, who own 35 per cent and 20 per cent respectively. Neither Lacob or Guber are part of the group looking to sell.
Sportico value the franchise at US$5.21 billion, the second most valuable in the NBA behind the New York Knicks.
The proposed sale comes shortly after the NBA moved closer to allowing their teams sell minority stakes to private equity investors in a bid to generate greater competition and see further rises in valuations for teams across the league.
The coronavirus pandemic has had a detrimental impact on the finances of many sectors across the US, leading to suggestions that some owners are interested in freeing up capital by selling their minority stakes.
Author: Jake Wilkin