By Eurohoops team/ info@eurohoops.net
The owners of Manchester Basketball are in talks over a bid, backed by private equity or sovereign wealth, for the city’s planned NBA Europe franchise, according to a report by City AM.
While the NBA has mentioned Manchester City or Manchester United as potential partners, the local basketball team seems to be in the running for the spot.
The club was bought two years ago by the US-based Sherwood Family Investment Office, and according to the report, it has the resources to pay the entry fee to the league, but had also been approached to partner with institutional investors.
“The Sherwoods have been in dialogue with JPMorgan and the NBA since the process began,” club president Ben Pierson is quoted as saying.
“There’s a lot of capital out there, people who are not operators themselves; they want to put the capital to work, but they don’t want to be on the front lines operating the sports franchise.”
While the brand appeal of Manchester Basketball is not the same as the one that City or United have on a global scale, this option seems to be a valid alternative for the new league.