Steven Schwarzman knows a thing or two about buying underperforming assets and fixing them up. So it seems fitting that when Business Insider asked The Blackstone Group boss what pro sports team he would choose to buy, he chose New York’s lackluster rising NBA franchise the Knicks.
Schwarzman would have his work cut out for him. The Knicks haven’t won a national championship since 1973 – before the private equity industry had even fully launched. “You’d have to transform the team completely,” he told Business Insider.
If Schwarzman did buy a team, he’d be in good company. Blackstone’s David Blitzer co-owns the Philadelphia 76-ers alongside Apollo Global Management’s co-founder Josh Harris; and the Boston Celtics are currently owned by Bain Capital’s Steve Pagliuca and Highland Capital Partners’ Wyc Grousbeck, along with Silver Lake Partners, Riverwood Capital, TPG Capital and Accel Partners as co-investors.
New Yorkers shouldn’t get their hopes up that Schwarzman will work his magic on the Knicks, however. The buyout king said he’s thought about buying a team, but concluded he’s far too busy with work to dedicate time to pro basketball, though we suspect a spot for Schwarzman on the team’s opening roster would grease the wheels.
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