NBA ownership used to be the kind of business where a franchise could stay in the same hands for decades. That has changed quickly since 2020, with 11 teams going through major ownership changes or sales in just six years.

The bigger story is what those deals have done to franchise values. The Lakers and Timberwolves have each changed hands twice during that stretch.

Meanwhile, sale prices have climbed from the $1.66 billion Utah paid for the Jazz in 2020 to deals worth more than $10 billion.

“Over 25% of NBA teams have been sold since 2020,” as reported by the Front Office Sports X handle.

Here's how the NBA's ownership market has evolved, deal by deal, since 2020.

Utah Jazz, $1.66 Billion (2020) 

The Millers had controlled the Jazz since the mid-1980s, making the sale to Qualtrics co-founder Ryan Smith one of the league's first major ownership changes of the post-COVID era.

It came bundled with Vivint Smart Home Arena. The Millers kept a minority piece for themselves, as reported by Kurt Badenhausen of Forbes.

Phoenix Suns, $4 Billion (2023) 

Mat Ishbia agreed to buy the Suns and the Mercury off embattled owner Robert Sarver in December 2022, and the NBA signed off in February 2023.

Ishbia walked away with 57% of the team, and the number blew past every previous NBA sale on record, according to Adrian Wojnarowski of ESPN.

Milwaukee Bucks, $3.5 Billion (2023)

Marc Lasry cashed out his roughly 25% stake, selling to Jimmy and Dee Haslam, the family that also owns the Cleveland Browns.

Lasry had bought his stake for part of a $550 million franchise valuation in 2014, making the sale a dramatic increase in the team's value, as reported by Jasmyn Wimbish of CBS Sports.

Charlotte Hornets, $3 Billion (2023)

Michael Jordan stepped away from majority ownership after 13 years, selling to a group fronted by Gabe Plotkin and Rick Schnall.

The NBA approved it 29-1 in July 2023, with Jordan keeping a small stake for himself, according to ESPN News Services.

Dallas Mavericks, $3.5 Billion (2023) 

Mark Cuban gave up majority control of the Mavs to the Adelson and Dumont families, the folks behind Las Vegas Sands.

Cuban held onto 27% and stayed in charge of basketball decisions, with the NBA finalizing the deal that December, as reported by the Associated Press via NBC News.

Minnesota Timberwolves, $1.5 Billion (2025) 

This one took forever to close. Alex Rodriguez and Marc Lore struck a deal with Glen Taylor back in 2021, but Taylor tried to back out in 2024, dragging things into arbitration.

The NBA finally approved the sale in June 2025 at the original $1.5 billion price, according to Ty Roush of Forbes.

At the time, the $1.5 billion valuation looked like the end of a long ownership saga. It would look very different just one year later.

Boston Celtics, $6.1 Billion (2025)

 Private equity exec Bill Chisholm agreed to buy the reigning champs in March 2025, and the league gave its blessing that August.

It set a new all-time high for a North American sports team at the time, with Wyc Grousbeck staying on as CEO through 2028, as reported by ESPN News Services.

Los Angeles Lakers, $10 Billion (2025)

The Buss family's nearly 50-year run ended when they sold majority control to Mark Walter, owner of the Dodgers.

All six Buss siblings signed off, and the sale closed in late October 2025, per Shams Charania of ESPN.

Portland Trail Blazers, $4.25 Billion (2026) 

Paul Allen's estate sold the Blazers to a group led by Tom Dundon, who also owns the Carolina Hurricanes.

It closed as a two-part deal, most of it upfront and the rest by 2028, ending nearly 40 years of Allen-family ownership, according to Jason Quick of The Athletic.

Minnesota Timberwolves (again), $4.5 Billion (2026)

 Barely a year after finally taking full control, Marc Lore agreed to hand his stake over to investor Marc Stad, tripling the valuation from the 2025 sale.

Alex Rodriguez is sticking around and actually increasing his share, as reported by Dennis Young, Ben Horney, and Daniel Roberts of Front Office Sports.

Los Angeles Lakers (again), $12.5 Billion (2026) 

Just over a year after buying the Lakers, Mark Walter flipped the team to former Disney CEO Bob Iger and venture capitalist Josh Kushner for a new record.

Walter pocketed roughly $2.5 billion in profit but is keeping the Dodgers, according to Ramona Shelburne of ESPN.

Six years, eleven deals, and a valuation ceiling that keeps getting broken every time someone thinks it's finally settled. Whatever the NBA's ownership market looks like next year, expecting it to stay calm might be the riskiest assumption of all.

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Written by

Rudra Dubey