Arctos Sports Partners, a private equity firm co-led by former Madison Square Garden Sports Corp. CEO Doc O’Connor, is seeking permission to build a portfolio of minority stakes in National Basketball Association (NBA) teams, according to people familiar with the matter.
Arctos is looking to become just the second institutional investor granted permission by the league to make those investments, the people said. Earlier this year, the NBA approved Dyal Capital Partners, a unit of Neuberger Berman, as its first partner in the endeavor.
Arctos is one of a new class of private equity investors looking to acquire minority stakes in teams across the globe. In November the company reached $950 million in assets under management