Israeli entrepreneur Ori Allon is in advanced talks to buy a stake in an NBA team, probably the Boston Celtics, a source close to the negotiations, which have been held over the past few months, has told "Globes."
Forbes valued the Boston Celtics six months ago at $2.5 billion. The NBA outfit is owned by a group of investors headed by Wyc Grousbeck, who bought the team in 2002 for $360 million.
Last night Allon announced that he was leaving Israeli basketball team Hapoel Jerusalem, five years after becoming owner of the team. The announcement came immediately after Hapoel lost to Hapoel Holon in the final four. Allon's heavy funding for Hapoel saw them crowned Israeli champions for the first time in their history in 2015, and repeat the feat in 2017.
Allon said that he is leaving Hapoel because of the growth of his US-based real estate brokerage platform company Compass, which recently raised $450 million from Japan's Softbank.
Hapoel Jerusalem said, "With the completion of the financing round in December 2017, and after Allon consulted with the board of directors of Compass and its unprecedented growth, Allon decided not to carry on serving at the same time as owner of the basketball club next season. Over the past few months since then he has been gradually transferring his management powers in a process that will enable the team to be prepared to carry on in the best way with the involvement of the relevant management people."
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2018
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