NBA Rumors: Qatar and Abu Dhabi investment groups interested in New York Knicks, buying stakes in NBA teams

Long-suffering New York Knicks fans have been begging James Dolan to sell the team. Dolan has been the owner of the Knicks since 1995, with an NBA Finals appearance in 1999. The latest rumors suggest that Qatar and Abu Dhabi investment groups are interested in buying the Knicks.

Ben Bartenstein, Giles Turner and Dinesh Nair of Bloomberg reported that Abu Dhabi's Mubadala Investment Co. and Qatar Investment Authority are looking to buy stakes in NBA teams. The trio noted that the Knicks might be a target by the Abu Dhabi group due to their ties with Dolan.

The Dolan family controls the Madison Square Garden Sports Corp., which is connected to Abu Dhabi United Group. MSGS president David Hopkinson revealed to The Athletic earlier this month that they are open to selling a minority stake of the Knicks.

Bloomberg's Khim Bhasin clarified that the NBA only allows 20% ownership to sovereign wealth funds. The Qatar Investment Authority has already dipped their toes in the NBA, as they were part of a $3 billion bid from Thiel Capital and Shasta Ventures to buy the Phoenix Suns.

Gulf sovereign wealth funds have been investing in sports in the last two decades. The Abu Dhabi United Group owns Manchester City and other City Group affiliated football clubs around the world.

Qatar Investment Authority controls Paris Saint Germain, one of the strongest clubs in European football. Saudi Arabia's Public Investment Fund took over Newcastle United in 2021, while also establishing LIV Golf to compete against the PGA Tour. They were also linked as potential buyers of WWE.

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How successful have New York Knicks been under James Dolan?

Carmelo Anthony of the New York Knicks

James Dolan's father Charles helped the New York Knicks get into cable television in the 1970s through his company. James bought the Knicks in 1995 through Cablevision for $600 million.

While the Knicks' net worth is now a whopping $6.58 billion, the team has had limited success on the court. The Knicks have only made the NBA Finals once during James' tenure as owner in 1999. It was an unexpected run, as the Knicks were the eighth seed.

In James Dolan's first seven years as owner, the New York Knicks made the playoffs each season. However, they have only been to the postseason five times since 2002. They have also won just one playoff series in two decades, which happened in 2013, led by Carmelo Anthony.

The Knicks are currently sixth in the Eastern Conference, with a record of 33-27. They're expected to make the playoffs on the shoulders of Jalen Brunson and Julius Randle.