Idea doesnt make sense in basketball. There is a universal draft and an age limit. No reason some owner would want to get some kid ready so some other owner would reap the benefit. Baseball has wanted a univeral draft but they havent got there yet. What a good owner should do is higher analytics guys at market rate. It is inane to me that with all the money in the sport they go cheap on the brainiacs.
Both you and spydy have good points, but counterpoint:
The cost to acquire and operate a foreign team would be a tiny fraction of the cost to operate (from what I could find online, most teams have total operating budgets <$20M). Even if you ran at a loss, it would about equal a backup point guard.
The age limit is only for the NBA draft. Most Euro teams have training squads with kids as young as 14. That gives you five years to coach a kid up your way and see if he's got what it takes with American style play and coaches that know your systems. You'd have day to day contact and improve your scouting knowledge tremendously.
If you're shady, you hold some of these guys out of competition to keep them under the radar. If you're slightly less shady, you sign them to contracts with huge buyouts, hoping that scares off other teams. If not, you make money selling them off to a team that drafts them.
Hell, you don't even have to buy the team - forge strategic alliances with certain teams. Hold half of training camp in Europe, scrimmage your teams (and use that as free scouting), build your brand internationally.
To me, it seems like the NBA is looking at international players the same way they look at players in the states - let colleges and AAU develop players (for free). The CBA has pretty much locked that avenue up.
Why not try to exploit a weakness - take the Moneyball approach. The A's didn't just sign guys with high on-base percentages because they're the best ballplayers, they signed them because those types of players were undervalued by the market.
Europe is (mostly) outside of the rules for now. They don't get the same coaching, they don't get the same training, they don't play the same style. Just seems to me a small investment by someone who's not afraid to be the first to move could pay huge dividends for a long time to come.