How NBA Team Owners Purchased Their Teams

 

Owning a basketball team isn’t just about putting money down; it’s about having a genuine love for the game and valuing the sport. This passion influences every choice, from picking players to connecting with fans. It’s about more than just winning games; it’s about making a lasting impact on the sport and rising to the challenge of keeping the team at the top.

How NBA Owners Purchased Their Teams

Atlanta Hawks

Tony Ressler is the majority owner of the Atlanta Hawks. He made his fortune by founding Apollo Global Management in 1990 and Ares Management in 1997, both big names in the private equity world. His net worth is around $11.3 billion as of 2024. Ressler and his group, which includes former NBA star Grant Hill, Spanx founder Sara Blakely, and Marquis Jet co-founder Jesse Itzler, bought the Hawks in June 2015 for about $850 million.

Boston Celtics

Wyc Grousbeck is the majority owner of the Boston Celtics. He and his investment group, Boston Basketball Partners LLC, bought the team in 2002 for $360 million. Grousbeck made his money through ventures in private equity and media. His father, H. Irving Grousbeck, co-founded Continental Cablevision, adding to their wealth. The Celtics won two NBA titles under their ownership in 2008 and 2024. The ownership group plans to sell their shares between 2024 and 2028 due to estate and family planning reasons.

Brooklyn Nets

Joseph Tsai owns the Brooklyn Nets. He made his fortune as the co-founder of Alibaba, one of the largest e-commerce companies in the world. In 2017, he bought a 49% stake in the Nets for $2.3 billion. By 2019, he purchased the remaining 51% for an additional $1.35 billion, bringing his total investment to $3.65 billion. This deal was one of the biggest in sports history. Tsai also owns the New York Liberty in the WNBA and the San Diego Seals in the NLL, showing his deep passion for sports ownership.

Charlotte Hornets

Gabe Plotkin is one of the new primary owners of the Charlotte Hornets. He has been a minority stakeholder in the team since 2019. Plotkin founded Melvin Capital, a successful hedge fund, and his expertise in finance has built him significant wealth. He bought the majority stake in the Hornets from Michael Jordan in 2023 for about $3 billion. Plotkin’s experience and financial backing are expected to bring positive changes to the franchise.

Rick Schnall is a key player in the new ownership of the Charlotte Hornets. Before this, he was a minority owner of the Atlanta Hawks since 2015. Schnall made his fortune in private equity with Clayton, Dubilier & Rice, where he was involved in significant business deals. His background in investments and sports ownership provides a solid foundation for his role with the Hornets. Together with Gabe Plotkin, Schnall aims to improve the team’s performance and business operations.

Chicago Bulls

Jerry Reinsdorf owns the Chicago Bulls. He bought the team back in 1985 for $16.2 million. Reinsdorf also owns the Chicago White Sox. He built his wealth in real estate and as a tax attorney, which enabled him to invest in sports franchises. The Bulls saw massive success during his tenure, particularly in the 1990s, with Michael Jordan winning six NBA championships. His leadership and investments have turned the Bulls into one of the most valuable franchises in the NBA.

Cleveland Cavaliers

Dan Gilbert purchased the Cleveland Cavaliers in 2005 for $375 million. He is the founder and chairman of Rocket Companies, which includes Rocket Mortgage, formerly Quicken Loans. Gilbert’s business interests include real estate investments, especially in downtown Detroit.

His net worth has skyrocketed to $30.9 billion as of 2021, making him one of the wealthiest team owners in sports. Under his ownership, the Cavaliers won their first NBA Championship in 2016. Gilbert’s approach to ownership focuses on building a competitive team and investing heavily in the franchise’s growth and success.

Dallas Mavericks

Miriam Adelson became the majority owner of the Dallas Mavericks in late 2023 after buying a 73% stake for $3.5 billion. She is the widow of Sheldon Adelson, who founded the casino giant Las Vegas Sands. Her son-in-law, Patrick Dumont, now handles the day-to-day operations as the team’s governor. The Adelson family aims to boost the Mavericks’ success both commercially and competitively.

Mark Cuban purchased the Mavericks in 2000 for $285 million. He made his fortune by selling his company Broadcast.com to Yahoo in 1999. Despite selling most of his stake, Cuban still owns 27% of the team and remains deeply involved in basketball operations, ensuring his influence continues within the franchise.

Denver Nuggets

Stan Kroenke bought the Denver Nuggets in 2000 as part of a $450 million deal that also included the Colorado Avalanche and Ball Arena. He made his fortune in real estate with the Kroenke Group and THF Realty, which he founded in the ’80s and ’90s. Kroenke Sports & Entertainment, his company, owns several major sports teams, including the Los Angeles Rams, Colorado Rapids, Colorado Mammoth, and Arsenal FC. The Nuggets achieved their first NBA Championship in 2023 under his ownership. His son, Josh Kroenke, handles the team’s daily operations.

Detroit Pistons

In 2011, Platinum Equity, Tom Gores’ private equity firm, forked over $325 million to buy the Detroit Pistons. He founded Platinum Equity in 1995, focusing on buying and operating companies. Since taking over the Pistons, Gores moved the team to Little Caesars Arena in 2017 and has been actively involved in key decisions, including trades and roster changes. He is also known for his philanthropic efforts in Detroit and Flint, contributing significantly to community projects in those areas.

Golden State Warriors

Joe Lacob is the majority owner of the Golden State Warriors, having bought the team in 2010 with Peter Guber for $450 million. Before owning the Warriors, Lacob was a partner at the venture capital firm Kleiner Perkins, which provided him with the financial means and connections to purchase the team.

Lacob has been a lifelong fan of the Warriors, and his passion for the team has been evident throughout his ownership. Under his leadership, the Warriors have become one of the NBA’s most successful franchises, winning multiple championships and setting new standards for excellence.

Peter Guber is the co-owner of the Golden State Warriors and a prominent figure in the entertainment industry. As the chairman and CEO of Mandalay Entertainment, Guber has extensive experience in film, television, and sports. His expertise has been invaluable in enhancing the Warriors’ brand and elevating the fan experience. Guber’s business savvy and understanding of audience engagement have contributed significantly to the team’s success off the court, making the Warriors one of the most popular teams in the league. His partnership with Joe Lacob has proven to be a strong combination for the franchise.

Houston Rockets

Tilman Fertitta bought the Houston Rockets in September 2017 for $2.2 billion, the highest price ever paid for an NBA team. He made his fortune through Landry’s, Inc., a company that owns restaurants, casinos, hotels, and entertainment venues. Some of his well-known brands include Bubba Gump Shrimp Co. and Golden Nugget Casinos. Fertitta’s business journey started in the hospitality industry and expanded significantly over the years. His estimated net worth is around $8.4 billion. Besides the Rockets, he owns Clutch Gaming, a professional eSports organization.
Indiana Pacers

Herb Simon, the longest-tenured owner in the NBA, has owned the Indiana Pacers since 1983, purchasing the team for $10.5 million. He co-founded Simon Property Group with his brother Melvin, building it into one of the world’s largest real estate investment trusts. With an estimated net worth of $3.4 billion, Simon’s wealth comes from their extensive portfolio of shopping malls. Originating from Brooklyn, he rose from modest beginnings. Besides the Pacers, he holds stakes in other ventures, including partial ownership of the Reno Aces baseball team, and is actively involved in business and philanthropy.

Los Angeles Clippers

Steve Ballmer, the former CEO of Microsoft, bought the Los Angeles Clippers in 2014 for $2 billion. His wealth comes from his long career at Microsoft, where he was CEO and played a major role in the company’s growth. Ballmer’s ownership of the Clippers has been marked by his energetic approach and commitment to enhancing the fan experience.

He is leading the construction of the Intuit Dome, a new arena that will feature modern amenities like charging ports at every seat and a massive interactive screen. Beyond basketball, Ballmer and his wife are involved in philanthropy through the Ballmer Group, focusing on economic mobility and children’s welfare.

Los Angeles Lakers

The Los Angeles Lakers are owned by Jeanie Buss, who took over after her father, Jerry Buss, passed away in 2013. Jerry Buss bought the Lakers and the Los Angeles Kings and The Forum for $67.5 million in 1979. His ownership marked a golden era for the Lakers, with the team winning 10 NBA championships and becoming a cultural icon in Los Angeles. After his passing, ownership of the Lakers was divided among his six children, but Jeanie emerged as the controlling owner. Despite internal family disputes, particularly with her brother Jim, she has continued to lead the franchise successfully, including a championship win in 2020.

Memphis Grizzlies

Robert Pera owns the Memphis Grizzlies, having bought the team in 2012 for $377 million. He is the founder and CEO of Ubiquiti Networks, which specializes in wireless communication products. Pera has overseen significant success for the Grizzlies, including a franchise record of 56 wins in his first year as owner. In 2018, he bought out the shares of minority owners Steve Kaplan and Daniel Straus to maintain control of the team. His involvement also extends to community efforts through the Grizzlies Foundation, supporting youth programs in Memphis. Pera’s net worth is estimated to be over $2 billion.

Miami Heat

Micky Arison has owned the Miami Heat since 1995, when he bought the team for $32.5 million. He is also the chairman of Carnival Corporation, a major cruise line company founded by his father. Under his ownership, the Heat have won three NBA championships, thanks in part to key figures like Pat Riley, who has played a crucial role in the team’s management. Arison’s wealth, largely from the cruise industry, is estimated at around $10 billion as of 2024.

Milwaukee Bucks

Wes Edens and Marc Lasry bought the Milwaukee Bucks in 2014 for $550 million from former owner Herb Kohl. Their ownership led to a significant turnaround for the team, including winning the 2021 NBA Championship. Edens, co-founder of Fortress Investment Group, and Lasry, co-founder of Avenue Capital Group, brought their financial expertise to the organization. In 2023, Lasry sold his stake to Dee and Jimmy Haslam, valuing the franchise at around $3.5 billion. The Haslams, also owners of the Cleveland Browns, joined the ownership group, while Edens continues to play an active role in the team’s operations.

Minnesota Timberwolves

The Minnesota Timberwolves are in the midst of an ownership transition. Glen Taylor, who has owned the team since 1994, agreed to sell it to former MLB player Alex Rodriguez and tech entrepreneur Marc Lore for $1.5 billion. The deal, structured to transfer ownership gradually, began in 2021. Rodriguez and Lore are equal partners in this venture. Taylor, who made his fortune in the printing industry, is staying involved during this transition to ensure the team remains in Minnesota.

New Orleans Pelicans

Gayle Benson owns the New Orleans Pelicans, a role she took on after her husband, Tom Benson, passed away in 2018. Tom bought the team in 2012 for $338 million and later rebranded it as the Pelicans. Gayle’s background is in jewelry and real estate, and she has been an active leader in both the Pelicans and the New Orleans Saints. Beyond sports, she is known for her philanthropic work, supporting health initiatives and Catholic education in New Orleans, and has received numerous awards for her contributions to the community.

New York Knicks

James Dolan has owned the New York Knicks since 1997, when his family’s company, Cablevision, bought out ITT Corporation for $600 million, giving them full control of Madison Square Garden and its properties, including the Knicks and New York Rangers. Dolan also oversees Madison Square Garden Sports and Madison Square Garden Entertainment, managing major venues and events like the Radio City Music Hall. He comes from a prominent business family; his father, Charles Dolan, founded HBO and Cablevision. Despite criticism from fans, Dolan remains a key figure in New York sports and entertainment.

Oklahoma City Thunder

Clay Bennett leads the ownership of the Oklahoma City Thunder through the Professional Basketball Club LLC. He and his group bought the team in 2006 for $350 million when it was still the Seattle SuperSonics. In 2008, Bennett relocated the franchise to Oklahoma City, rebranding it as the Thunder.

He’s a well-known businessman in Oklahoma and chairs Dorchester Capital Corporation. Bennett’s wife, Louise Gaylord Bennett, comes from a prominent Oklahoma family with deep business and media connections. Under his leadership, the Thunder have become a significant part of the city’s identity, and he’s played a key role in securing a new arena for the team’s future.

Orlando Magic

The DeVos family owns the Orlando Magic, who bought the team in 1991 for $85 million. Rich DeVos, co-founder of Amway, led the purchase and was heavily involved in both the team’s operations and community initiatives. The family has been a consistent presence in Orlando, contributing to local causes and supporting various charities. They continue to manage the franchise, ensuring that the Magic remains a key part of the city’s sports and cultural landscape. Their wealth extends beyond the Magic, with investments in multiple industries and a strong focus on philanthropy.

Philadelphia 76ers

Josh Harris and David Blitzer bought the Philadelphia 76ers in 2011 for $290 million. Harris is a co-founder of Apollo Global Management, and Blitzer is a senior executive at Blackstone. Together, they also own the New Jersey Devils and have stakes in other sports teams, including Crystal Palace FC. Under their ownership, the 76ers went through a rough rebuilding phase known as “Trust the Process” but have since become a competitive team with a strong following. The 76ers have made regular playoff appearances and sold out a lot of home games. Harris and Blitzer have significantly improved the team’s profile in Philadelphia.

Phoenix Suns

Mat Ishbia and his brother Justin purchased the Phoenix Suns and Mercury in 2023 for $4 billion. Mat, the CEO of United Wholesale Mortgage, has a background in basketball, having played at Michigan State. The Ishbia brothers took over from Robert Sarver, signaling a fresh start for the franchise. Mat’s focus is on enhancing the team’s performance and community involvement, leveraging his experience in business and sports.

Portland Trail Blazers

Jody Allen has been the owner of the Portland Trail Blazers since 2018, after her brother, Paul Allen, passed away. Paul, co-founder of Microsoft, bought the team in 1988 for $70 million. He was a significant figure in both technology and sports. Jody inherited the Blazers and the NFL’s Seattle Seahawks as part of his estate. According to Paul Allen’s trust, these assets need to be sold to fund his philanthropic projects. The sale of the Blazers is expected to happen within the next 6 to 18 months, with Jody managing the team during this transition period.

Sacramento Kings

In 2013, Vivek Ranadivé acquired the Sacramento Kings for $534 million from the Maloof family. Originally from India, Ranadivé is a tech entrepreneur and founder of TIBCO Software, which specializes in data analytics. His background in technology has influenced his approach to running the Kings, focusing on innovation and community involvement. Ranadivé’s leadership aims to bring a modern, data-driven strategy to the team while ensuring solid ties with the Sacramento community.

San Antonio Spurs

The San Antonio Spurs are owned by the Holt family, with Peter J. Holt currently serving as the managing partner. The Holt family’s involvement with the Spurs began in 1996 when Peter M. Holt led a group to buy the team for $75 million from Red McCombs. They were crucial in developing the AT&T Center, the team’s home arena.

Under their ownership, the Spurs have won five NBA championships and established themselves as one of the most respected franchises. The Holts also own the Austin Spurs (NBA G League) and San Antonio FC (USL Championship soccer), showing a strong commitment to both basketball and the local community.

Toronto Raptors

The Toronto Raptors are owned by Maple Leaf Sports & Entertainment (MLSE), with Larry Tanenbaum as the chairman. In 1998, MLSE acquired the Raptors as part of a merger with the Toronto Maple Leafs for a purchase price of $467 million, which also included the construction of what is now known as Scotiabank Arena. MLSE is a major player in the sports and entertainment industry, owning other teams like Toronto FC and the Toronto Argonauts.

Larry Tanenbaum, who also chairs Kilmer Van Nostrand Co. Limited, has been a key figure in the company’s growth and success. MLSE’s holdings are currently valued at around $8 billion, making it one of the most valuable sports enterprises in North America. Tanenbaum personally owns a 25% stake in the organization.

Utah Jazz

Ryan Smith became the owner of the Utah Jazz in October 2020, purchasing the team from the Miller family for around $1.66 billion. The Millers had owned the Jazz since 1986. Smith, who founded the experience management company Qualtrics, leveraged his success by selling the company to SAP for $8 billion to buy the team. He’s known for his deep connection to Utah and his commitment to keeping the Jazz rooted in the community. Smith has also invested in other sports ventures, including Real Salt Lake and the Salt Lake Bees.

Washington Wizards

Ted Leonsis became the majority owner of the Washington Wizards in 2010. He acquired the remaining 56% stake for $170 million, consolidating his control over the team. Leonsis also owns the Washington Capitals and the WNBA’s Washington Mystics. Before diving into sports ownership, he was a senior executive at AOL with a technology background. As the founder, chairman, and CEO of Monumental Sports & Entertainment, Leonsis oversees his sports and entertainment assets. Under his leadership, the Wizards have experienced various playoff runs and periods of rebuilding.

NBA team ownership involves a mix of successful businesspeople, family traditions, and strategic collaborations. These owners come from various industries, including technology, finance, real estate, and entertainment. They bring different perspectives and experiences to their teams. Their wealth and passion for basketball play a significant role in shaping the NBA’s direction and influence. Their involvement has helped the league grow and become more popular around the world.