NBA franchises have soared in valuations over the last decade, leaving a small pool of buyers even capable of buying a team outright. Recent high-profile sales, like the Los Angeles Lakers for $10 billion deal, showcase how rare solo ownership opportunities have become. In ownership groups with multiple contributors, a ‘governor’ is assigned as the primary decision-maker, representing the team in league-related issues and guiding the organization’s strategy, making these positions highly coveted.

While some high-profile teams, notably the Lakers, the Portland Trail Blazers, and the Boston Celtics, have changed ownership recently, opportunities for new owners are limited. The Oklahoma City Thunder and potential expansion franchises in Las Vegas or Seattle represent the very few openings where wealthy investors can enter the league. Governorship opportunities are complicated even further by multi-billion-dollar valuations and complex ownership structures.

“The reality is there are people cashing out, but there are not a lot of people left who can really buy an NBA team when you think about how expensive they’ve become,” Investopedia Editor-in-Chief, Caleb Silver, said on The NBA Report. “So, when you think about, you know, who are the billionaires out there that could take a team down themselves, there are not that many left.” With NBA franchises hitting new highs in valuations, the scarcity makes every opportunity more significant.

Silver also added an intriguing detail, saying, “People thought [Jeff Bezos] might have been a bid for the Celtics… but didn’t end up buying it. There’s definitely overseas interest in some cases, but there’s just not that many whales that can take down a team by themselves.” His insight highlights why the ultra-wealthy, like Bezos, are now being tipped as potential NBA owners in the future.

Even though the pool of buyers is shrinking, the NBA still registers high interest in billionaires who have shown interest in sports. Silver noted that while solo ownership opportunities are rare for teams with top-level rosters or big markets, overseas investors have shown interest. However, the general scarcity shows why billionaires like Jeff Bezos are continuing to surface in ownership discussions.

Why the Oklahoma City Thunder Could be the Next Big Sale

After the Portland Trailblazers’ sale, one franchise that could be on the chopping block soon is the defending champion Oklahoma City Thunder. The Thunder’s roster has them positioned for on-court success, while their large collection of draft picks (9 firsts in the next 5 years) gives them long-term stability. After a dominant season, finishing with 68 wins, a league record +12.9 point differential, and the young core, with MVP Shai Gilgeous-Alexander, is locked under contract, which means that the franchise has a long contention window.

The ownership group has also benefited greatly from market conditions and timing. The estate of minority owner Aubrey McClendon sold its roughly 20% share in the ownership group led by Clay Bennett, skyrocketing the estate’s initial $350M 2006 investment into multi-billion territory thanks, in part, to the league’s 11-year, $75B TV deal that was signed last year. The arrangement also makes sure that the franchise is stable financially, being aided by Oklahoma City’s commitment to a new $900M arena funded by the MAPS sales tax extension.

Other than financials, the Thunder‘s market may be small, but the fanbase is dedicated to their team, and the arena situation makes them an attractive opportunity for hopeful owners. While the roster will end up becoming more expensive as contracts escalate, the team’s governance, arena infrastructure, and fan support will create a strong foundation for both competitive success and profitability.