When Private Equity Comes for Your Favorite Team

Last week, the owner of the Los Angeles Lakers announced he was selling the basketball team for $12.5 billion — the highest price ever paid for a professional sports team. The deal has shocked the sports world and drawn new attention to a growing trend: Big groups of investors have been buying up professional sports teams as the franchises chase skyrocketing valuations. Today, Pablo Torre, the host of “Pablo Torre Finds Out,” explains the deal and how big money is transforming our relationship with the sports we love. Guest: Pablo Torre, a Pulitzer Prize-winning journalist and the host of “Pablo Torre Finds Out.” Background reading:  The deal for the Los Angeles Lakers valued the team at a record $12.5 billion, eclipsing the $10 billion paid for the franchise just last year. The transaction for the Lakers reflects the huge profit potential of major sports franchises. Photo: The New York Times For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.  Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.