Private equity firm BC Partners is discussing buying a minority stake in the EuroLeague basketball competition, edging out rivals including General Atlantic and Saudi Arabia’s SURJ Sports Investment, the Financial Times reported on Wednesday.
London-based BC Partners could agree to a deal with the EuroLeague within a month, FT added, citing people familiar with the matter.
BC Partners, General Atlantic, EuroLeague and SURJ did not immediately respond to Reuters’ request for comments.
EuroLeague had drawn interest from private equity firms including EQT, BC Partners and General Atlantic, Reuters reported in July.
The European basketball competitions are the latest in a growing number of sports looking for new investment as a way to raise money.
The Assembly of Syndicated Shareholders of Euroleague Commercial Assets — which is formed by 13 clubs including Real Madrid and FC Barcelona — met in June in Barcelona to approve, among other things, new rules to expand the financial sustainability of the competition.
Source: Reuters.com