Breaking News: Billion-Dollar Basketball League in the Works
A group of high-powered investors is gearing up to launch a new international basketball league, with a staggering $5 billion price tag. This ambitious project aims to rival the NBA, offering players a unique equity stake in the organization.
A New Era in Basketball
The brainchild of a consortium including investment firm SC Holdings, Skype co-founder Geoff Prentice, and former Facebook executive Grady Burnett, this league promises to shake up the basketball world. Maverick Carter, longtime friend and business partner of LeBron James, is advising the group, although James himself is not involved.
Global Ambitions
The unnamed league plans to host games in eight cities worldwide, with each city hosting matches for two weeks. This format, inspired by Formula 1, will feature 12 teams – six men’s and six women’s teams. Singapore has been confirmed as one of the host cities, with the remaining seven markets yet to be announced.
A Threat to the NBA?
The NBA has been expanding its international presence in recent years, with a league in Africa and games played in countries such as China, Mexico City, and Paris. However, this new league’s massive funding and promise of big-money deals could lure top talent away from the NBA.
Raising the Stakes
The investors are working with UBS and Evercore to secure funding from a mix of sovereign wealth funds, institutional investors, and wealthy individuals. With the NBA’s international presence growing, this new league could spark a bidding war for top players.
What’s Next?
While details are still scarce, this development has the potential to revolutionize the basketball world. Stay tuned for further updates on this exciting new chapter in sports history.
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