The NBA is considering creating an investment vehicle that would allow private equity firms to buy limited partnership stakes, including investments across multiple teams.

It has become increasingly difficult for owners to sell limited partnership stakes due to the increase in valuations of professional franchises.

Limited stakes frequently come without a board seat or any real influence on how the franchise is operated. There's typically what's referred to as an LP discount of 10 percent to 25 percent.

Major League Baseball changed its rules last year to allow investment funds to acquire limited partnership stakes in multiple clubs.