PORTLAND, Ore. — The Portland Thorns are reportedly in sales talks with investors in the NBA’s Sacramento Kings.
The sports business news website Sportico reported that the Bhathal family has been the lone investor speaking with owner Merritt Paulson’s ownership group, Peregrine, and the firm leading the sale, BDT & MSD Partners.
The family bought the Kings and their arena in 2013 for $532 million. Ten years later, the team is worth $2.32 billion, according to Sportico. Additionally, just last month, Sportico valued the Thorns at $65 million, making it the fourth-most valuable team in the National Women's Soccer League.
Raj and Martha Bhathal emigrated from India to the U.S. in 1960. Their children, Alex and Lisa, then conducted a private equity buyout of their parents’ company, Raj Manufacturing, and launched Raj Capital Managing Partners in 2006.
According to Sportico, that buyout included an investment from Goldman Sachs, where Paulson’s father was once CEO. Martha and Alex would be the main controlling owners, the site reported, if the sale goes through.
The Thorns hit the market about a year ago after Paulson announced he’d sell the team in the wake of sexual harassment scandals. The team also recently hired new CEO Heather Davis, who confirmed several months ago that a sale would come before the end of the year.
Many different groups were rumored as purchasers over the last year, including a group made up of all-female investors led by former Nike executive Melanie Strong. She previously said her group did not make the cut despite having sufficient capital.
League Commissioner Jessica Berman previously said that the ideal owner of the Thorns is “an individual or a family that has the resources and commitment and is values-aligned and interested in achieving the same short-, medium-, and long-term goals as we are.”
She also said called recent buyer of The Chicago Red Stars NWSL team, a group led by Chicago Cubs co-owner Laura Ricketts, “the manifestation of exactly the profile we could have wished for…in any market.” According to Forbes, Ricketts’ family is worth $4.5 billion.
The Portland Thorns declined to comment on the potential purchase.
The Portland Business Journal, a KGW News partner, has the original article here.
Download the KGW News app: Download for iPhone here | Download for Android here
Stream newscasts for free on KGW+ on Roku, Amazon Fire and Apple TV: How to add app to your device here
