{"id":6885,"date":"2025-10-09T15:11:00","date_gmt":"2025-10-09T18:11:00","guid":{"rendered":"https:\/\/artica.capital\/?post_type=pilulas&#038;p=6885"},"modified":"2026-09-29T11:58:12","modified_gmt":"2026-09-29T14:58:12","slug":"quanto-vale-entrar-no-jogo-valuation-salarios-e-compras-na-nba","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/quanto-vale-entrar-no-jogo-valuation-salarios-e-compras-na-nba\/","title":{"rendered":"How much does it cost to play? Valuation, salaries, and purchases in the NBA"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A NBA vive um momento de expans\u00e3o sem precedentes. Com arenas lotadas, recordes de audi\u00eancia e forte apelo global, a liga se consolidou como um dos ativos mais rent\u00e1veis do entretenimento esportivo. Seu modelo de neg\u00f3cios combina m\u00faltiplas fontes de receita, desde direitos de m\u00eddia at\u00e9 bilheteria e patroc\u00ednios, garantindo margens operacionais robustas para as franquias.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Esse crescimento acelerado \u00e9 acompanhado por uma escalada salarial que reflete a valoriza\u00e7\u00e3o do produto NBA. Os contratos dos atletas atingem patamares hist\u00f3ricos, enquanto o valuation das franquias cresce ano ap\u00f3s ano, impulsionado por investidores privados e fundos globais que veem na liga uma oportunidade \u00fanica de retorno e prest\u00edgio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Na p\u00edlula de hoje, apresentamos o panorama financeiro da NBA e os movimentos de M&amp;A que moldam o futuro da liga.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 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*\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>A NBA \u00e9 um colosso, impulsionado por receitas diversificadas e <i>valuations<\/i> em patamares globais<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>Vis\u00e3o geral sobre a NBA<\/span><\/div>\n      <div style=\"display:grid;gap:16px\">\n        <div style=\"display:grid;grid-template-columns:64px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-ic-mapa.png\" alt=\"\u00cdcone do mapa dos EUA\" loading=\"lazy\" style=\"max-height:48px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0;color:var(--blue)\"><b style=\"font-size:22px;color:var(--blue)\">30 <\/b>times, sendo 15 por Confer\u00eancia (Leste e Oeste)<\/p><\/div>\r\n        <div style=\"display:grid;grid-template-columns:64px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-ic-jogador.png\" alt=\"\u00cdcone de jogador de basquete\" loading=\"lazy\" style=\"max-height:48px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0;color:var(--blue)\"><b style=\"font-size:22px;color:var(--blue)\">1.230 <\/b>jogos na temporada regular, com 82 jogos por time<\/p><\/div>\r\n        <div style=\"display:grid;grid-template-columns:64px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-ic-dinheiro.png\" alt=\"\u00cdcone de notas de dinheiro\" loading=\"lazy\" style=\"max-height:48px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0;color:var(--blue)\"><b style=\"font-size:22px;color:var(--blue)\">US$ 11,3 bi <\/b> em receita durante a temporada 23-24<\/p><\/div>\r\n        <div style=\"display:grid;grid-template-columns:64px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-ic-torcedor.png\" alt=\"\u00cdcone de torcedor\" loading=\"lazy\" style=\"max-height:48px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0;color:var(--blue)\"><b style=\"font-size:22px;color:var(--blue)\">22,5 milh\u00f5es <\/b>de pessoas foram aos jogos da temporada 23-24<\/p><\/div>\r\n        <div style=\"display:grid;grid-template-columns:64px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-ic-touro.png\" alt=\"\u00cdcone de touro\" loading=\"lazy\" style=\"max-height:48px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0;color:var(--blue)\"><b style=\"font-size:22px;color:var(--blue)\">US$ 140 bi <\/b><i>valuation<\/i> somado dos 30 times da liga em 2025<\/p><\/div>\r\n        <div style=\"display:grid;grid-template-columns:64px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-ic-seta.png\" alt=\"\u00cdcone de gr\u00e1fico em alta\" loading=\"lazy\" style=\"max-height:48px;width:auto;margin:0 auto\"><p class=\"pil-p\" style=\"margin:0;color:var(--blue)\"><b style=\"font-size:22px;color:var(--blue)\">11,8x <\/b>receita, <i>valuation<\/i> m\u00e9dio das franquias em 2025<\/p><\/div>\r\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span><i>Breakdown<\/i> da receita total da liga <sup>(1)<\/sup><\/span><\/div>\n      <div class=\"pil-hbars\" style=\"gap:16px\" role=\"img\" aria-label=\"Breakdown da receita total da NBA: M\u00eddia e TV Nacional 41%; Venda de Ingressos 26%; M\u00eddia e TV Local 13%; Patrocinadores dos Times 12%; Concess\u00f5es e Estacionamento 8%\">\n        <div class=\"r\"><b>M\u00eddia e TV Nacional<\/b><div class=\"bar\" style=\"height:26px\"><i style=\"width:100%;background:#006bb7\"><\/i><\/div><em>41%<\/em><\/div>\n        <div class=\"r\"><b>Venda de Ingressos<\/b><div class=\"bar\" style=\"height:26px\"><i style=\"width:63.4%;background:#006bb7\"><\/i><\/div><em>26%<\/em><\/div>\n        <div class=\"r\"><b>M\u00eddia e TV Local<\/b><div class=\"bar\" style=\"height:26px\"><i style=\"width:31.7%;background:#006bb7\"><\/i><\/div><em>13%<\/em><\/div>\n        <div class=\"r\"><b>Patrocinadores dos Times<\/b><div class=\"bar\" style=\"height:26px\"><i style=\"width:29.3%;background:#006bb7\"><\/i><\/div><em>12%<\/em><\/div>\n        <div class=\"r\"><b>Concess\u00f5es e Estacionamento<\/b><div class=\"bar\" style=\"height:26px\"><i style=\"width:19.5%;background:#006bb7\"><\/i><\/div><em>8%<\/em><\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">(1) Dados compilados pela Sportico com base na temporada de 2022-23<br>Fonte: An\u00e1lise \u00c1rtica, NBA, CNBC, Sportico, Forbes<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Poder econ\u00f4mico das franquias se reflete em contratos cada vez mais monumentais<\/h2>\n  <div class=\"pil-sub\"><span>Enquanto os times apresentam margens operacionais altamente rent\u00e1veis&#8230;<\/span><\/div>\n  <div style=\"display:flex;justify-content:space-between;align-items:center;flex-wrap:wrap;gap:8px\"><span class=\"pil-unit\">EBITDA, US$ MM<sup>(1)<\/sup><\/span><span class=\"pil-legend\"><span><i style=\"background:var(--blue);height:3px\"><\/i><b style=\"color:#999\">Margem EBITDA<\/b><\/span><\/span><\/div>\n  <div class=\"pil-years\" style=\"font-size:12px;color:var(--blue);font-weight:700;margin:8px 0 4px\"><span>36%<\/span><span>31%<\/span><span>31%<\/span><span>32%<\/span><span>30%<\/span><span>29%<\/span><span>31%<\/span><span>31%<\/span><span>29%<\/span><span>30%<\/span><\/div>\n  <div class=\"pil-bars\" role=\"img\" aria-label=\"EBITDA dos 10 times mais rent\u00e1veis da temporada 2023-24, em US$ milh\u00f5es: Los Angeles Lakers 191 (margem 36%); New York Knicks 178 (margem 31%); Dallas Mavericks 132 (margem 31%); Atlanta Hawks 124 (margem 32%); Houston Rockets 119 (margem 30%); Chicago Bulls 118 (margem 29%); Washington Wizards 111 (margem 31%); San Antonio Spurs 108 (margem 31%); Indiana Pacers 98 (margem 29%); Orlando Magic 95 (margem 30%)\">\n        <div style=\"height:100%;background:#006bb7\"><span>191<\/span><\/div>\r\n        <div style=\"height:93.2%;background:#006bb7\"><span>178<\/span><\/div>\r\n        <div style=\"height:69.1%;background:#006bb7\"><span>132<\/span><\/div>\r\n        <div style=\"height:64.9%;background:#006bb7\"><span>124<\/span><\/div>\r\n        <div style=\"height:62.3%;background:#006bb7\"><span>119<\/span><\/div>\r\n        <div style=\"height:61.8%;background:#006bb7\"><span>118<\/span><\/div>\r\n        <div style=\"height:58.1%;background:#006bb7\"><span>111<\/span><\/div>\r\n        <div style=\"height:56.5%;background:#006bb7\"><span>108<\/span><\/div>\r\n        <div style=\"height:51.3%;background:#006bb7\"><span>98<\/span><\/div>\r\n        <div style=\"height:49.7%;background:#006bb7\"><span>95<\/span><\/div>\r\n  <\/div>\n  <div class=\"pil-years\"><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-lakers.png\" alt=\"Los Angeles Lakers\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-knicks.png\" alt=\"New York Knicks\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-mavericks.png\" alt=\"Dallas Mavericks\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-hawks.png\" alt=\"Atlanta Hawks\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-rockets.png\" alt=\"Houston Rockets\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-bulls.png\" alt=\"Chicago Bulls\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-wizards.png\" alt=\"Washington Wizards\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-spurs.png\" alt=\"San Antonio Spurs\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-pacers.png\" alt=\"Indiana Pacers\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-e-magic.png\" alt=\"Orlando Magic\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><\/div>\n  <div class=\"pil-sub\" style=\"margin-top:32px\"><span>&#8230; os jogadores assinam contratos com sal\u00e1rios cada vez mais astron\u00f4micos<\/span><\/div>\n  <span class=\"pil-unit\">Sal\u00e1rios da temporada<sup>(2)<\/sup>, US$ MM<\/span>\n  <div class=\"pil-bars\" style=\"margin-top:6px\" role=\"img\" aria-label=\"Sal\u00e1rios dos 10 jogadores mais bem pagos da temporada 2023-24, em US$ milh\u00f5es: Stephen Curry 51,9; Kevin Durant 47,6; LeBron James 47,6; Nikola Jokic 47,6; Joel Embiid 46,9; Bradley Beal 46,7; Giannis Ant. 45,6; Damian Lillard 45,6; Kawhi Leonard 45,6; Paul George 45,6\">\n        <div style=\"height:100%;background:#ed174b\"><span>51,9<\/span><\/div>\r\n        <div style=\"height:91.7%;background:#ed174b\"><span>47,6<\/span><\/div>\r\n        <div style=\"height:91.7%;background:#ed174b\"><span>47,6<\/span><\/div>\r\n        <div style=\"height:91.7%;background:#ed174b\"><span>47,6<\/span><\/div>\r\n        <div style=\"height:90.4%;background:#ed174b\"><span>46,9<\/span><\/div>\r\n        <div style=\"height:90%;background:#ed174b\"><span>46,7<\/span><\/div>\r\n        <div style=\"height:87.9%;background:#ed174b\"><span>45,6<\/span><\/div>\r\n        <div style=\"height:87.9%;background:#ed174b\"><span>45,6<\/span><\/div>\r\n        <div style=\"height:87.9%;background:#ed174b\"><span>45,6<\/span><\/div>\r\n        <div style=\"height:87.9%;background:#ed174b\"><span>45,6<\/span><\/div>\r\n  <\/div>\n  <div class=\"pil-years\"><span>Stephen<br>Curry<\/span><span>Kevin<br>Durant<\/span><span>LeBron<br>James<\/span><span>Nikola<br>Jokic<\/span><span>Joel<br>Embiid<\/span><span>Bradley<br>Beal<\/span><span>Giannis<br>Ant.<\/span><span>Damian<br>Lillard<\/span><span>Kawhi<br>Leonard<\/span><span>Paul<br>George<\/span><\/div>\n  <div class=\"pil-years\" style=\"margin-top:4px\"><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-warriors.png\" alt=\"Golden State Warriors\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-suns.png\" alt=\"Phoenix Suns\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-lakers.png\" alt=\"Los Angeles Lakers\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-nuggets.png\" alt=\"Denver Nuggets\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-76ers.png\" alt=\"Philadelphia 76ers\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-suns2.png\" alt=\"Phoenix Suns\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-bucks.png\" alt=\"Milwaukee Bucks\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-bucks2.png\" alt=\"Milwaukee Bucks\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-clippers.png\" alt=\"Los Angeles Clippers\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><span><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-s-clippers2.png\" alt=\"Los Angeles Clippers\" loading=\"lazy\" style=\"margin:0 auto\"><\/span><\/div>\n  <div class=\"pil-src\">(1) Dados dos 10 times mais rent\u00e1veis na temporada 2023-24; (2) Sal\u00e1rios dos 10 jogadores mais bem pagos da temporada 2023-24<br>Fonte: An\u00e1lise \u00c1rtica, CNBC, ESPN<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Transa\u00e7\u00f5es de M&amp;A bilion\u00e1rias consolidam a NBA como um dos ativos mais valiosos do esporte global<\/h2>\n  <div class=\"pil-sub\"><span>Maiores aquisi\u00e7\u00f5es da NBA<\/span><\/div>\n  <div class=\"pil-legend\" style=\"justify-content:flex-start;font-weight:700\"><span><i style=\"background:#ed174b;border-radius:50%;width:16px;height:12px\"><\/i>M\u00faltiplo EV\/Receita<\/span><span><i style=\"background:#006bb7;border-radius:50%;width:16px;height:12px\"><\/i>M\u00faltiplo EV\/EBITDA<\/span><\/div>\n  <div class=\"pil-grid3\" style=\"margin-top:10px\">\n    <div class=\"pil-card\" style=\"background:#ececec\">\n      <div style=\"display:flex;justify-content:space-between;gap:6px;margin-bottom:6px\"><span style=\"background:#ed174b;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">7,7x<\/span><b style=\"color:var(--navy);font-size:16px\">2019<\/b><span style=\"background:#006bb7;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">56,0x<\/span><\/div>\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center\">Franquia Alvo<\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-nets.png\" alt=\"Brooklyn Nets\" loading=\"lazy\" style=\"max-width:90px;margin:4px auto 8px\">\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center;border-top:1.5px dashed #bbb;padding-top:8px\">Comprador\/ Investidor<\/div>\n      <p class=\"pil-p\" style=\"text-align:center;margin:4px 0 0\">Joe Tsai, avaliando em <b>US$ 2,3 bi<\/b><\/p>\n    <\/div>    <div class=\"pil-card\" style=\"background:#ececec\">\n      <div style=\"display:flex;justify-content:space-between;gap:6px;margin-bottom:6px\"><span style=\"background:#ed174b;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">13,2x<\/span><b style=\"color:var(--navy);font-size:16px\">2022<\/b><span style=\"background:#006bb7;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">48,8x<\/span><\/div>\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center\">Franquia Alvo<\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-suns.png\" alt=\"Phoenix Suns\" loading=\"lazy\" style=\"max-width:90px;margin:4px auto 8px\">\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center;border-top:1.5px dashed #bbb;padding-top:8px\">Comprador\/ Investidor<\/div>\n      <p class=\"pil-p\" style=\"text-align:center;margin:4px 0 0\">Mat Ishbia, avaliando em <b>US$ 4,0 bi<\/b><\/p>\n    <\/div>    <div class=\"pil-card\" style=\"background:#ececec\">\n      <div style=\"display:flex;justify-content:space-between;gap:6px;margin-bottom:6px\"><span style=\"background:#ed174b;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">11,2x<\/span><b style=\"color:var(--navy);font-size:16px\">2023<\/b><span style=\"background:#006bb7;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">31,9x<\/span><\/div>\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center\">Franquia Alvo<\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-hornets.png\" alt=\"Charlotte Hornets\" loading=\"lazy\" style=\"max-width:90px;margin:4px auto 8px\">\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center;border-top:1.5px dashed #bbb;padding-top:8px\">Comprador\/ Investidor<\/div>\n      <p class=\"pil-p\" style=\"text-align:center;margin:4px 0 0\">Gabe Plotkin e Rick Schnall, avaliando em <b>US$ 3,0 bi<\/b><\/p>\n    <\/div>    <div class=\"pil-card\" style=\"background:#ececec\">\n      <div style=\"display:flex;justify-content:space-between;gap:6px;margin-bottom:6px\"><span style=\"background:#ed174b;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">10,5x<\/span><b style=\"color:var(--navy);font-size:16px\">2023<\/b><span style=\"background:#006bb7;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">54,2x<\/span><\/div>\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center\">Franquia Alvo<\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-mavericks.png\" alt=\"Dallas Mavericks\" loading=\"lazy\" style=\"max-width:90px;margin:4px auto 8px\">\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center;border-top:1.5px dashed #bbb;padding-top:8px\">Comprador\/ Investidor<\/div>\n      <p class=\"pil-p\" style=\"text-align:center;margin:4px 0 0\">Fam\u00edlia Adelson, avaliando em <b>US$ 4,5 bi<\/b><\/p>\n    <\/div>    <div class=\"pil-card\" style=\"background:#ececec\">\n      <div style=\"display:flex;justify-content:space-between;gap:6px;margin-bottom:6px\"><span style=\"background:#ed174b;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">9,7x<\/span><b style=\"color:var(--navy);font-size:16px\">2023<\/b><span style=\"background:#006bb7;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">n.a.<\/span><\/div>\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center\">Franquia Alvo<\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-bucks.png\" alt=\"Milwaukee Bucks\" loading=\"lazy\" style=\"max-width:90px;margin:4px auto 8px\">\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center;border-top:1.5px dashed #bbb;padding-top:8px\">Comprador\/ Investidor<\/div>\n      <p class=\"pil-p\" style=\"text-align:center;margin:4px 0 0\">Haslam Sports Group, avaliando em <b>US$ 3,2 bi<\/b><\/p>\n    <\/div>    <div class=\"pil-card\" style=\"background:#ececec\">\n      <div style=\"display:flex;justify-content:space-between;gap:6px;margin-bottom:6px\"><span style=\"background:#ed174b;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">12,4x<\/span><b style=\"color:var(--navy);font-size:16px\">2025<\/b><span style=\"background:#006bb7;color:#fff;border-radius:12px;padding:2px 10px;font-size:13px\">50,4x<\/span><\/div>\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center\">Franquia Alvo<\/div>\n      <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/6885-celtics.png\" alt=\"Boston Celtics\" loading=\"lazy\" style=\"max-width:90px;margin:4px auto 8px\">\n      <div style=\"font-size:11px;color:#888;font-weight:700;text-align:center;border-top:1.5px dashed #bbb;padding-top:8px\">Comprador\/ Investidor<\/div>\n      <p class=\"pil-p\" style=\"text-align:center;margin:4px 0 0\">Bill Chisholm, avaliando em <b>US$ 6,1 bi<\/b><\/p>\n    <\/div>  <\/div>\n  <div class=\"pil-grid2\" style=\"margin-top:4px\">\n    <div class=\"pil-note solid\" style=\"border-style:dashed\"><span><b>Mais de 20 franquias <\/b>da NBA j\u00e1 t\u00eam conex\u00f5es com <i>private equity<\/i>, que pode deter <b>at\u00e9 20% de participa\u00e7\u00e3o <\/b>n\u00e3o controladora. Esse movimento muda o perfil de <b>governan\u00e7a<\/b> e refor\u00e7a a vis\u00e3o dos <b>times como ativos financeiros<\/b><\/span><\/div>\n    <div class=\"pil-note solid\" style=\"border-style:dashed\"><span>Em 2024, <b>o setor esportivo global registrou um recorde de 410 transa\u00e7\u00f5es<\/b>, sendo <b>38% em times e franquias<\/b>. O volume representa um <b>aumento de 210% desde 2020<\/b>, consolidando o esporte como classe alternativa em plena expans\u00e3o<\/span><\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: An\u00e1lise \u00c1rtica, S&amp;P CIQ, Multiples VC, Forbes, Pitchbook, Oaklins<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>A NBA vive um momento de expans\u00e3o sem precedentes. Com arenas lotadas, recordes de audi\u00eancia e forte apelo global, a liga se consolidou como um dos ativos mais rent\u00e1veis do entretenimento esportivo. Seu modelo de neg\u00f3cios combina m\u00faltiplas fontes de receita, desde direitos de m\u00eddia at\u00e9 bilheteria e patroc\u00ednios, garantindo margens operacionais robustas para as [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6886,"template":"","meta":[],"class_list":["post-6885","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/6885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/6886"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=6885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}