With NBA team owners suffering financial losses during the coronavirus pandemic, at least two ownership groups have put their clubs on the open market, according to Hall of Famer Shaquille O'Neal.
"I hear in the grapevine that there are a couple of teams for sale and one may be going to Vegas," O'Neal said during a recent episode of "The Big Podcast with Shaq."
The San Antonio Spurs' ownership group reportedly put a minority stake up for sale recently. It's unclear whether the Spurs are one of the teams O'Neal is noting, and how much of an ownership stake these unknown organizations would be selling.
Alibaba co-founder Joseph Tsai was the most recent individual to become a majority owner of an NBA team when he purchased the remaining 51% of the Brooklyn Nets for a reported $2.35 billion last August.
Las Vegas has become the new home of multiple sports franchises recently. After the Vegas Golden Knights joined the NHL ahead of the 2017-18 campaign, the WNBA's San Antonio Stars relocated to Las Vegas to become the Aces in 2018. The NFL's Raiders also moved from Oakland to the gambling hotbed this past offseason.
In addition to the financial ramifications for owners during the hiatus, the NBA will also begin withholding 25% of players' salaries starting May 15. Approximately 100 of the league's top executives also reportedly took 20% pay cuts beginning in late March.
