Shaquille O’Neal, the legendary NBA player, remains enthusiastic about fulfilling his dream of owning an NBA team and is open to acquiring whichever team becomes available. During an interview at the iConnections Global Alts conference in Miami Beach, O’Neal expressed his desire to re-enter the world of professional basketball ownership.
Previously, O’Neal held a minority ownership stake in the Sacramento Kings. However, due to NBA ownership rules, he was required to sell his stake after becoming a brand ambassador for WynnBET. Now, O’Neal is determined to become a majority owner in an NBA franchise in his next venture.
Former NBA players have made substantial investments in the world of sports ownership. Michael Jordan, for instance, solidified his net worth, estimated at $3.5 billion according to the Bloomberg Billionaires Index, after selling his stake in the Charlotte Hornets. LeBron James is another example, as he owns a minority stake in Fenway Sports Group, which has ownership in the Boston Red Sox and Liverpool FC.
The valuations of NBA teams have experienced exponential growth in recent years. Mark Cuban, owner of the Dallas Mavericks, sold a majority stake to Las Vegas Sands Corp.’s Adelson family in a deal that valued the team at $3.5 billion. Cuban initially purchased the Mavericks from H. Ross Perot Jr. in 2000 for $285 million. Additionally, a significant portion of the Golden State Warriors, one of the NBA’s most successful teams in the last decade, is currently on the market, with a potential valuation of $7 billion.
Beyond the realm of basketball, Shaquille O’Neal has expressed interest in investing in Formula 1, despite acknowledging his inability to fit into one of the racing cars. Investment in motorsports has been on the rise, with traditionally few individuals owning racing teams. Notably, Canadian billionaire Lawrence Stroll recently sold a minority stake in the Aston Martin F1 team to the US private equity firm Arctos Partners.
As O’Neal continues to explore opportunities in both the NBA and motorsports, his aspirations for sports ownership remain as dynamic and ambitious as his illustrious basketball career.