The two years since have brought in a new kind of investor and turned NBA franchises into an asset class instead of just basketball teams. Private equity firms have purchased stakes in five teams, and there are more transactions to come. The league has seen valuations continue to rise, but now institutional money is entering its markets. “The values have gone up so high, it’s easier for people to put some real capital at work,” one team owner said. “As an investment, it’s a great investment if you’ve got long-term holders. Most funds have a life of five to 10 years, and here you can’t sort of do that, because you don’t ever want to be in a position where you have to sell. The funds that have been raised are saying ‘OK, we’re going to hold this for the next 20 years or 30 years,’ and you’ve got long-term investors who believe the value is going to go up.”