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Illustration: Sarah Grillo/Axios

The National Basketball Association is considering the creation of an investment fund that would buy small equity stakes in a portfolio of teams, as first reported yesterday by Bloomberg.

Why it matters: NBA owners are concerned that skyrocketing team prices mean that there's a limited number of individuals who could buy the next teams put up for sale. Or, as one league source put it: "There are only so many Steve Ballmers and Joe Tsais."

  • This fund could, in theory, help expand the principal buyer pool by assuming some of the new purchase prices. Particularly by introducing institutional investors that have, historically, been shunned by the NBA and other pro sports leagues.
  • It also would become a way for existing minority owners to exit, if desired. Plus perhaps set more of a market price, as opposed to the current model of "last price + 20%."
  • For now, the NBA isn't commenting.

Why the NBA? Because private equity sources say basketball is generally viewed as a better investment opportunity than baseball (shrinking attendance), hockey (geographically limited), and football (liabilities). International soccer is the best comp, although the NBA is still viewed as superior because it has capped player costs.

  • I'm also told that the NBA's plan would be a formalization of an ad hoc process that investment bank Allen & Co. often does for Major League Baseball. I'm still trying to suss out more details of that relationship.

The bottom line: Being a passive sports team owner is really being the person who pays the most for good seats. But owning a portfolio could be appealing for long-term money, and it's only a matter of time before we get a league-managed or third-party fund/marketplace for these interests.

Go deeper: The profound impact of the NBA's nomadic era

Go deeper

CCP releases two jailed Canadians after Huawei CFO deal with DOJ

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Two Canadians imprisoned by the Chinese government for over 1,000 days have been released and are expected to arrive in Canada on Saturday, Prime Minister Justin Trudeau said Friday.

Why it matters: Their release comes hours after Huawei Technologies CFO Meng Wanzhou reached a deal with the U.S. Department of Justice that resolves the criminal charges against her and could pave the way for her to return to China.

Updated 13 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.