The newest trend: Buy an NBA team

Brian Davis and Christian Laettner aren't the only Duke grads dabbling in the NBA franchise-buying business. In fact, they're not even the first to do it this year.

Back in July, Aubrey McClendon, T '81, the chairman and CEO of Chesapeake Energy Company, became one of five businessmen that together have a controlling share of the Seattle SuperSonics and the WNBA's Seattle Storm. The Professional Basketball Club LLC, an Oklahoma City-based investment group of which McClendon is a member, signed a purchase agreement for the two clubs for $350 million. The transaction will likely close by the end of this month.

After the announcement, rumors about moving the clubs to Oklahoma, where McClendon and several of the other investors reside, abounded in greater Seattle area, but Clay Bennett, the majority shareholder of the group, has said he plans to keep the teams right where they are.


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