A group of high powered investors want to raise billions to form a new international basketball league, according to people familiar with the matter.<\/p>\n
The new organization would offer players equity, those people said.<\/p>\n
The investors aim to raise $5 billion for the league, which could serve as a rival to the\u00a0NBA\u00a0if it can offer big-money deals to players, similar to how\u00a0LIV Golf\u00a0lured away PGA Tour players.<\/p>\n
It\u2019s unclear which players the league would target or when it could start.<\/p>\n
Maverick Carter, LeBron James\u2019 longtime friend and business partner, is advising a group that includes investment firm SC Holdings\u2019 Jason Stein and Daniel Haimovic, Skype co-founder Geoff Prentice and former Facebook executive Grady Burnett.<\/p>\n
A representative for James said he is not involved in the effort and declined to comment on whether the Los Angeles Lakers star has been approached to participate.<\/p>\n
The group is working with UBS and Evercore to help raise the money, which is expected to come from a mix of sovereign wealth funds, institutional investors and wealthy individuals, the people said.<\/p>\n
The unnamed league is expected to play games in eight cities around the world, spending two weeks in each city, following a model similar to Formula 1. The league will consist of 12 teams \u2014 six men\u2019s and six women\u2019s teams.<\/p>\n
Singapore is one of the markets where games will take place, the people said. It\u2019s unclear what the other seven markets will be.<\/p>\n
Representatives for the NBA didn\u2019t immediately respond to a request for comment.<\/p>\n
But a source familiar said they were not aware of the plan for the league before reports about it emerged Wednesday.\u00a0Bloomberg first reported\u00a0the news.<\/p>\n
In recent years, the NBA has ramped up its international presence, with a league in Africa and games abroad ranging from China to the UAE, Mexico City and Paris. The league also had a record-tying\u00a0125 international players\u00a0tip off in the 2024 season.<\/p>\n<\/p>\n
A group of high powered investors want to raise billions to form a new international basketball league, according to people familiar with the matter. The new organization would offer players equity, those people said. The investors aim to raise $5 billion for the league, which could serve as a rival to the\u00a0NBA\u00a0if it can offer […]<\/p>\n","protected":false},"author":0,"featured_media":14100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=14099"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/14100"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=14099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=14099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=14099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}