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  2. ALTERNATIVES
April 29, 2014 01:00 AM

Private equity execs discuss prospects for L.A. Clippers following owner's lifetime ban

Arleen Jacobius
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    The Milwaukee Bucks are the latest sports team owned by hedge fund executives. A group that includes Avenue Capital Management's Marc Lasry (pictured) and Fortress Investment Group co-founder Wesley Edens agreed to buy the team for $550 million.
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    The owners of the New York Mets sold a $20 million stake to Steve Cohen of SAC Capital after the team experienced financial troubles associated with the Madoff case. Mr. Cohen reportedly is interested in a larger stake.
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    Stephen Pagliuca, a managing partner at Bain Capital, is one of two money managers that are lead owners in the Boston Celtics of the NBA. The other co-owner is Wycliffe "Wyc" Grousbeck, a former partner at venture capital firm Highland Capital Partners.
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    Joseph Lacob, a partner at venture capital firm Kleiner Perkins Caufield & Byers, is the majority owner of the National Basketball Association's Golden State Warriors.
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    Ted Leonsis, the owner of the NHL's Washington Capitals and the NBA's Washington Wizards, is also a venture capitalist at Revolution LLC.
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    While Paul Allen (left) is best known for co-founding Microsoft with Bill Gates (right), he also is a venture capital and private equity fund manager via Vulcan Inc., not to mention the owner of the NBA's Portland Trail Blazers and the NFL's Seattle Seahawks.
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    Mark Attanasio (center in gray shirt), the principal owner of the Milwaukee Brewers of Major League Baseball, is also a director of the TCW Group.
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    John William Henry II, the founder of commodities manager John W. Henry & Company, is better known as the principal owner of the Boston Red Sox and Liverpool F.C., and co-owner of NASCAR team Roush Fenway Racing.
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    Before Randy Lerner became the principal owner of the Cleveland Browns of the National Football League, he was co-founder of money manager Securities Advisors Inc. In 2006, he also became chairman of Aston Villa Football Club of the Premier League.
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    Crain's Chicago
    Mark Walter, CEO of asset manager Guggenheim Partners LLC

    Private equity executives weighed in on whether they would buy the Los Angeles Clippers basketball team after being told of the National Basketball Association's lifetime ban of Clippers' owner Donald Sterling while speaking on a panel Tuesday at the Milken Institute Global Conference in Beverly Hills, Calif.

    “This is the fourth time this has come up in 36 hours,” quipped Jonathan Nelson, founder and CEO of private equity firm Providence Equity Partners.

    In response to a question, Mr. Nelson said he hoped Mr. Sterling would sell the team. Mr. Sterling, who was also fined $2.5 million by the NBA on Tuesday, purportedly uttered racist comments in a recording made public.

    If any other business owner had made similar remarks, “no one would care except his employees,” Mr. Nelson said. But since the comments were made by the owner of a national sports team, they “cannot be tolerated,” he said.

    That said, most of the panelists agreed with panelist John Danhakl, managing partner at private equity firm Leonard Green & Partners, that a sports team is not appropriate as an investment for a private equity fund, which has a fixed life.

    Instead, the pattern of ownership of sports teams is that they are owned by wealthy individuals, said David Bonderman, founding partner of alternative investment firm TPG Capital.

    Leon Black, chairman and CEO of alternative investment firm Apollo Global Management, disagreed. He said that things have changed, noting that the purchase of the Los Angeles Dodgers baseball team by a consortium of owners led by investment firm Guggenheim Partners was based on the cash flow from network television contracts.

    “More and more, it's all about television contracts and cable contracts,” which can be leveraged, Mr. Black said. “There is some change going on.”

    Mr. Nelson added that Providence bifurcated and invested in the media rights when the firm invested in the New York Yankees, creating the YES Network, which broadcasts Yankee games. Providence and co-investor Goldman Sachs sold 49% of the network to News Corp in 2012. Providence also invested in the media rights when it invested in Soccer United Marketing from Major League Soccer two years ago.

    Also on Tuesday, UCLA announced it is returning Mr. Sterling's $425,000 initial down payment, as well as the remainder of his $3 million pledge, to support basic kidney research by the UCLA Department of Nephrology.

    “Mr. Sterling's divisive and hurtful comments demonstrate he does not share UCLA's core values,” according to a statement.

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