The investment, made through Blue Owl’s GP Strategic Capital platform, leaves Cavaliers owner Dan Gilbert with his majority holding intact. Formed in 2020 as a partnership with the NBA, the fund is the only pre‑approved institutional investor cleared to buy equity across all 30 franchises, giving backers diversified exposure to the league in a single vehicle.

The proposed package, being negotiated with Apollo’s sports investing unit, would comprise mostly debt alongside some equity. Part of the proceeds would refinance existing borrowings, with the remainder earmarked for growth opportunities. Deliberations remain ongoing, and no final decisions on the size or structure have been made.

As part of the deal, Jim Miller, co‑head of Ares Sports, Media and Entertainment, will join the league’s board. The raise drew a broad investor group beyond its two leads. ESPN, the league’s media rights partner, made a subsequent minority equity investment, deepening an alignment that already spans live distribution and original programming across the PLL and the Women’s Lacrosse League.

The move underscores the growing intersection of private equity and professional sports, offering a streamlined route for investors to gain exposure to the NBA while supporting franchise development and media partnerships.