2005年，私募机构贝恩资本公司（Bain Capital）提出以35亿美元的价格，收购全国冰球联盟（National Hockey League,NHL）旗下全部30支球队。彼时由于球员罢工，该联盟整个赛季都在停赛，而且在此之前，联盟刚刚宣布此前两年净损失5亿美元。然而，当时多数球队的所有者尚未做好准备将球队易手，反而一口回绝了贝恩的出价，并最终独立完成球队的重组（包括确定最高球员薪水在内）。

    这是私募机构首次也是最后一次试图整体收购美国运动联盟。但是，眼下私募行业似乎正在挨个接管美国篮球联盟（National Basketball Association，NBA）。

    最新的一起收购发生在费城。7月13日，阿波罗全球管理公司（Apollo Global Management）联合创始人乔什•哈里斯同意收购费城76人队（Philadelphia 76ers），据报道收购价为2.8亿美元。其合作伙伴包括百仕通集团（The Blackstone Group）的大卫•布里策和对冲基金经理阿特•鲁贝尔。

    “能够有机会加盟这支富有传奇色彩的NBA球队，我们感到非常荣幸。”哈里斯在提前准备好的声明中表示。“我本人也是个篮球迷，并在费城完成大学学业，而且我的家人也都在费城，我始终觉得自己跟这座城市以及76人球队紧密相连。”

    这是近年来第四桩私募机构高管收购NBA球队的案例。第一次发生在2002年，当时波士顿凯尔特人队（Boston Celtics）被以史蒂夫•帕格柳卡【贝恩资本公司（Bain Capital）】和维克•格罗斯贝克【高地资本合伙公司（Highland Capital Partners）】为首的投资团体以3.8亿美元的价格买下。这桩交易中的其他买主还包括格莱恩•哈金斯【银湖合伙基金（Silver Lake Partners）】、迈克尔•马克斯【江木资本公司（Riverwood Capital）】、以及吉姆•布莱尔【Accel 合伙公司（Accel Partners）】。

    接下来是金州勇士队（Golden State Warriors）去年被风险资本家乔•莱科布（Kleiner Perkins，KPCB）以4.5亿美元收至麾下。事实上，莱科布还是凯尔特人队的次要所有人，而且，他还在竞标中击败了同为凯尔特人队投资人的大卫•邦德曼【TPG资本公司（TPG Capital）】，将海湾俱乐部（Bay Area club）收入囊中。

    多伦多猛龙队（Toronto Raptors）亦被加拿大安大略省教师养老金计划（Ontario Teachers' Pension Plan）旗下的私募投资机构掌控。

    最近，汤姆•戈尔斯及其公司铂金股票投资公司（Platinum Equity）收购了底特律活塞队（Detroit Pistons）。但是，该笔交易的结构有些不同寻常（虽然铂金股票投资公司事实上拥有球队的控股权，但同时戈尔斯又掌管着该公司）。

    现在，费城76人队又有了新的主人哈里斯。我还听说，另外一伙私募机构高管也开始四处搜寻，准备收购NBA球队。尽管贝恩资本公司当初打算将NHL一锅端的大胆做法没有奏效，但现在这种私下里逐个击破的做法似乎对NBA很管用。

    译者：大海

    In 2005, private equity firm Bain Capital offered to buy all 30 National Hockey League teams for $3.5 billion. The league was in the midst of a season-long player lockout, after claiming $500 million in losses over the previous two years. But most team owners weren't ready to turn over their keys, quickly rejecting Bain's offer and eventually restructuring on its own (including the implementation of a salary cap).

    It was the first and last time that private equity had bid on an entire U.S. sports league. But, team by team, it slowly seems to be taking over the National Basketball Association.

    The latest example is in Philadelphia, where Apollo Global Management (APO) co-founder Josh Harris yesterday agreed to buy the 76ers for a reported $280 million. His partners include David Blitzer of The Blackstone Group (BX) and hedge fund manager Art Wrubel.

    "We are honored to have the opportunity to be affiliated with this storied franchise," Harris said in a prepared statement. "As a basketball fan who attended college in Philadelphia, and with family roots here, I have always felt a strong connection to this City and the 76ers."

    This is the fourth time in recent years that private equity executives have purchased an NBA team. The first was in 2002, when the Boston Celtics were acquired for $380 million by a group led by Steve Pagliuca (Bain Capital) and Wyc Grousbeck (Highland Capital Partners). Minority partners on that deal included Glenn Hutchins (Silver Lake Partners), Michael Marks (Riverwood Capital) and Jim Breyer (Accel Partners).

    Next up was the Golden State Warriors, acquired last year for $450 million by venture capitalist Joe Lacob (Kleiner Perkins). Lacob actually was a minority owner in the Celtics, and beat out fellow Celtics investor David Bonderman (TPG Capital) for the Bay Area club.

    The Toronto Raptors are controlled by the private equity investment arm of Ontario Teachers' Pension Plan.

    Most recently Tom Gores and his firm Platinum Equity purchased the Detroit Pistons, in a transaction marked by its unusual structure (the team technically is majority-owned by the firm, but since Gores controls the firm...).

    Now we have the Philadelphia 76ers going to Harris, and I've heard word that another group of PE execs is beating the bushes for their own NBA franchise. Not quite the bold front-door takeover that Bain had envisioned for the NHL, but the backdoor seems to be working just fine for the NBA.