(Reuters) – Dyal Capital is nearing a deal to make an investment in the Sacramento Kings National Basketball Association team, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
The deal, which could be announced as soon as this week, would give the investment firm a nearly 5% stake in the team at a valuation of $1.5 billion, the newspaper said https://bloom.bg/3e55x56.
Dyal, a unit of the newly public Blue Owl Capital Inc, is best known for taking minority stakes in private-equity and credit firms. On July 6, Dyal said it would take a similar-sized stake in the Phoenix Suns.
Dyal is initially hoping to raise about $1 billion for the fund and plans to build a portfolio of minority investments in six different teams, with a goal of eventually doubling that, according to the report.
The parties were not immediately available for comment on Sunday.
(Reporting by Kanishka Singh in Bengaluru; Editing by Chizu Nomiyama)