Blue Owl is nearing an agreement to purchase a minority stake in the Cavaliers and Cleveland’s WNBA franchise, sources confirmed. Getty Images
Blue Owl is nearing an agreement to purchase a minority stake in the Cavaliers and Cleveland’s WNBA franchise, sources confirmed. The stake is 5-10% with no controlling interest and a sale price at a valuation of $5.5B, the sources said (Tom Friend, SBJ). BLOOMBERG NEWS’ Williams & Natarajan cite sources as saying that the deal would occur “through the private equity firm’s Dyal HomeCourt Partners fund,” which also has stakes in the Hawks, Kings and T’Wolves. Cavaliers owner Dan Gilbert had been “looking to sell as much as 15% of the franchise since last summer,” according to Sportico (BLOOMBERG NEWS, 6/25).