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????2005年，私募機構貝恩資本公司（Bain Capital）提出以35億美元的價格，收購全國冰球聯盟（National Hockey League,NHL）旗下全部30支球隊。彼時由于球員罷工，該聯盟整個賽季都在停賽，而且在此之前，聯盟剛剛宣布此前兩年凈損失5億美元。然而，當時多數球隊的所有者尚未做好準備將球隊易手，反而一口回絕了貝恩的出價，并最終獨立完成球隊的重組（包括確定最高球員薪水在內）。

????這是私募機構首次也是最后一次試圖整體收購美國運動聯盟。但是，眼下私募行業似乎正在挨個接管美國籃球聯盟（National Basketball Association，NBA）。

????最新的一起收購發生在費城。7月13日，阿波羅全球管理公司（Apollo Global Management）聯合創始人喬什?哈里斯同意收購費城76人隊（Philadelphia 76ers），據報道收購價為2.8億美元。其合作伙伴包括百仕通集團（The Blackstone Group）的大衛?布里策和對沖基金經理阿特?魯貝爾。

????“能夠有機會加盟這支富有傳奇色彩的NBA球隊，我們感到非常榮幸。”哈里斯在提前準備好的聲明中表示。“我本人也是個籃球迷，并在費城完成大學學業，而且我的家人也都在費城，我始終覺得自己跟這座城市以及76人球隊緊密相連。”

????這是近年來第四樁私募機構高管收購NBA球隊的案例。第一次發生在2002年，當時波士頓凱爾特人隊（Boston Celtics）被以史蒂夫?帕格柳卡【貝恩資本公司（Bain Capital）】和維克?格羅斯貝克【高地資本合伙公司（Highland Capital Partners）】為首的投資團體以3.8億美元的價格買下。這樁交易中的其他買主還包括格萊恩?哈金斯【銀湖合伙基金（Silver Lake Partners）】、邁克爾?馬克斯【江木資本公司（Riverwood Capital）】、以及吉姆?布萊爾【Accel 合伙公司（Accel Partners）】。

????接下來是金州勇士隊（Golden State Warriors）去年被風險資本家喬?萊科布（Kleiner Perkins，KPCB）以4.5億美元收至麾下。事實上，萊科布還是凱爾特人隊的次要所有人，而且，他還在競標中擊敗了同為凱爾特人隊投資人的大衛?邦德曼【TPG資本公司（TPG Capital）】，將海灣俱樂部（Bay Area club）收入囊中。

????多倫多猛龍隊（Toronto Raptors）亦被加拿大安大略省教師養老金計劃（Ontario Teachers' Pension Plan）旗下的私募投資機構掌控。

????最近，湯姆?戈爾斯及其公司鉑金股票投資公司（Platinum Equity）收購了底特律活塞隊（Detroit Pistons）。但是，該筆交易的結構有些不同尋常（雖然鉑金股票投資公司事實上擁有球隊的控股權，但同時戈爾斯又掌管著該公司）。

????現在，費城76人隊又有了新的主人哈里斯。我還聽說，另外一伙私募機構高管也開始四處搜尋，準備收購NBA球隊。盡管貝恩資本公司當初打算將NHL一鍋端的大膽做法沒有奏效，但現在這種私下里逐個擊破的做法似乎對NBA很管用。

????譯者：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.