Neuberger Berman’s Dyal Capital Partners is raising money for a fund that will invest in NBA teams.

Owners are trying to capitalize on the soaring valuation of professional sports teams. The high price of a typical team has made it harder for current investors to unload their stakes and this vehicle gives the league more flexibility. 

The COVID-19 pandemic may also have put pressure on some owners to sell stakes.

“While we can’t comment on any particular investment vehicles, we are truly thrilled to have been selected by the NBA,” said Michael Rees of Dyal in a statement. “We’re grateful for the unanimous vote of the 30 team owners to give us this opportunity to be the only institutional investor eligible to pursue this strategy in partnership with the league.”

With NBA team valuations ranging from $1 billion to $4.6 billion, even a five percent stake in a typical team could cost $100 million.