February 25, 2021 | 1:27 pm EST Update
Last month, the owners of the Golden State Warriors quietly approached the National Basketball Association for approval to sell a minority stake in the team — not to another business mogul, but to a publicly traded blank-check company that had partnered with a private-equity firm, The Post has learned.
The unnamed institutional buyers — who, according to sources, had the support of Silicon Valley tycoon Chamath Palihapitiya, a minority owner in the Warriors — were confident the NBA would OK them to buy the stake, sources said. But the NBA’s Advisory/Finance Committee put off a decision and the Warriors withdrew the request, figuring it was dead, according to three people with knowledge of the matter.
Sources said Glen Taylor, billionaire owner of the Minnesota Timberwolves, went to the NBA a few months ago with a pitch to sell to Arctos, a private-equity firm formed in 2019, to buy small stakes in teams. But the idea was shot down because Arctos had not been approved by the NBA, sources said. Arctos also recently filed to raise money via a blank-check company that will be used to buy stakes in basketball or baseball teams that need capital to cover losses. This is happening even though neither the NBA nor MLB has approved the controversial idea.
Sources say various SPAC owners have contacted nearly every NBA owner in the past year. And there are many NBA owners — particularly small minority owners — that want the option to sell to the entities, these people added. Indeed, frustration appears to be building among some corners of the NBA’s ownership ranks over how slowly the NBA, headed by Commissioner Adam Silver, is working on a solution, sources said. “The pressure on Adam is extreme,” a source close to the NBA office said.
The Sacramento Kings have signed center Norvel Pelle to 10-day contract, according to Kings General Manager Monte McNair.
Chris Grenham: Brad Stevens tells @ZoandBertrand that Rob Williams won’t be a 30-minute per game player, but his minutes should increase as the season moves forward. “I love Rob. I love where he’s going.”
February 25, 2021 | 1:07 pm EST Update
Cody Taylor: NBA Rising Stars, the annual showcase of premier young talent during NBA All-Star, will not be played this year due to the limitation of having All-Star events all on one night. The NBA will still recognize deserving players by announcing Rising Stars rosters on March 3.