“If you own a FRANCHISE ...”
Well, put, but a legal/technical point; you are describing a “franchisee”. They “own” nothing but whatever was agreed to, (for example, an exclusive license to operate in a particular area) and they definitely don’t own the franchise. The “franchisor” does.
I think technically they own a business and a license to tie it to the franchise system. He clearly owns the team, with all the responsibilities and access to revenue that implies, and he gets to make that team a part of the NBA. Franchise life is complicated, with a lot of revocable parts.