The NBA's European expansion will command $500 million per franchise, per Matchex data tracking the deal structure managed by Raine Group and JPMorgan. Oaktree, RedBird, PIF, and QSI are actively bidding ahead of the March 31, 2026 expressions of interest deadline, with PSG, Newcastle United, and AC Milan among reported candidates. Real Madrid's exit signals selective ownership—the league targets October 2027 launch, likely slipping to 2028.