Ballboys wear gloves while handling warmup basketballs as a precautionary measure prior to an NBA game between the Charlotte Hornets and Atlanta Hawks at State Farm Arena on March 9, 2020 in Atlanta, Georgia.
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Sports teams throughout the country could be on the verge of ownership changes as the coronavirus pandemic continues to impact the economy.
Charles Baker, a partner at law firm O’Melveny, told CNBC there are “often one-off conversations” among interested buyers and owners in U.S. big-league teams, as Covid-19 continues to impact revenue streams of league owners.
To raise liquidity as other revenue is disrupted, some owners could offer to sell shares of teams, while other shares could become available as current partner look to get out.
Baker, who represented billionaire David Tepper in his $325 million acquisition of a Major League Soccer expansion franchise in Charlotte, estimated a “potential 15% to 20% drop” in team control and limited-partner…