The Wall Street Journal is reporting that it's expected to be announced this week that 5% of the Sacramento Kings will be sold to Dyal Capital.
The deal is reportedly worth $1.5 billion. Dyal Capital is a unit of Blue Owl Capital with offices around the world. Just last week, Dyal Capital announced they would buy nearly 5% of the Phoenix Suns. The company says they would eventually like to own a minority stake in at total of 12 different NBA teams.
Dyal initially plans to raise about $1 billion for the Dyal HomeCourt Partners fund and intends to build a portfolio of minority investments in six different teams, with a goal of eventually doubling that, the Journal said, citing people familiar with the strategy, according to Bloomberg.