A group of high-powered investors is looking to raise billions to establish a new international basketball league, as reported by sources familiar with the situation. The proposed organization would provide players with equity as part of their compensation package. The investors are targeting a fundraising goal of $5 billion for the league, positioning it as a potential competitor to the NBA by offering lucrative deals to players, akin to how LIV Golf attracted PGA Tour players.
The specific players that the league would seek to recruit and its potential launch date remain uncertain. Notably, Maverick Carter, a close associate of LeBron James and his business partner, is advising a consortium that includes Jason Stein and Daniel Haimovic from investment firm SC Holdings, Geoff Prentice, a co-founder of Skype, and Grady Burnett, a former executive at Facebook. While a representative for James clarified that he is not directly involved in the initiative, they refrained from commenting on whether the Los Angeles Lakers star has been approached to participate.
The investor group is collaborating with UBS and Evercore to secure the necessary funds, which are anticipated to be sourced from a combination of sovereign wealth funds, institutional investors, and affluent individuals. The proposed league is projected to hold games in eight global cities, spending a fortnight in each location, drawing inspiration from the Formula 1 model. It is envisioned that the league will comprise 12 teams, evenly split between men’s and women’s teams.
Among the cities earmarked for hosting games, Singapore has been identified as one of the locations, with the remaining seven markets yet to be disclosed. Requests for comments from NBA representatives went unanswered at the time of reporting. However, a knowledgeable source indicated that they were unaware of the league’s development until reports surfaced on Wednesday, with Bloomberg being the first to break the news.
In recent times, the NBA has intensified its international footprint, establishing a league in Africa and organizing games in various overseas destinations such as China, the UAE, Mexico City, and Paris. The league also witnessed a record number of 125 international players participating in the 2024 season.
