Executives at Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority have expressed their interest in NBA ownership and are actively hunting for a possible match.

Mubadala and QIA’s interest is preliminary and there is no certainty that either will buy a stake in an NBA team.

The prospect of NBA ownership became possible late last year after the league’s Board of Governors approved a rule change to allow sovereign wealth funds to buy as much as a 20% stake in teams. Previously, such funds could only do so through indirect exposure.

“The NBA Board of Governors recently decided to allow direct, passive investments in NBA teams by institutional investors,” NBA spokesman Mike Bass said in a statement. “All such investments are subject to league review and NBA Board approval.”

The New York Knicks could be a potential target. MSGS’s biggest equity shareholder is investment firm Silver Lake Management, which has strong ties with Abu Dhabi, and is a co-investor in Premier League giant Manchester City.

“The NBA Board of Governors recently decided to allow direct, passive investments in NBA teams by institutional investors,” NBA spokesman Mike Bass said in a statement. “All such investments are subject to league review and NBA Board approval.”