Rivals League

New International Basketball League in the Works, Backed by High-Powered Investors

A group of high-powered investors is working to raise billions of dollars to launch a new international basketball league, according to people familiar with the matter. The new organization would offer players equity, and the investors aim to raise $5 billion for the league, which could serve as a rival to the NBA if it can offer big-money deals to players, similar to how LIV Golf lured away PGA Tour players.

Key Figures Involved

Maverick Carter, LeBron James’ longtime friend and business partner, is advising a group that includes Jason Stein and Daniel Haimovic of investment firm SC Holdings, Skype co-founder Geoff Prentice, and former Facebook executive Grady Burnett. While a representative for James said he is not involved in the effort, it is unclear whether he has been approached to participate.

Raising Funds

The group is working with UBS and Evercore to help raise the funds, which are expected to come from a mix of sovereign wealth funds, institutional investors, and wealthy individuals. The league is expected to spend two weeks in each of the eight cities where it will play, following a model similar to Formula 1.

League Structure and Schedule

The league will consist of 12 teams – six men’s and six women’s teams – and will play games in eight cities around the world. Singapore is one of the confirmed markets, with the other seven still to be announced. The league will follow a unique schedule, with each team playing a home-and-away series in each city.

NBA Reaction

Representatives for the NBA did not immediately respond to a request for comment, but a source familiar with the matter said they were not aware of the plan before reports emerged. The NBA has been expanding its international presence in recent years, with a league in Africa and games abroad in China, the UAE, Mexico City, and Paris.

Conclusion

The proposed new international basketball league has the potential to shake up the global basketball landscape, offering a new and exciting alternative for players and fans alike. With a strong team of investors and advisors behind it, the league is likely to be a force to be reckoned with in the world of professional basketball.

FAQs

Q: What is the purpose of the new international basketball league?
A: The league aims to offer a new and exciting alternative for basketball fans and players, with a unique schedule and format.

Q: Who is involved in the league?
A: A group of high-powered investors, including Maverick Carter, LeBron James’ business partner, and representatives from SC Holdings, Skype, and Facebook.

Q: How much money is being raised to launch the league?
A: The investors aim to raise $5 billion to launch the league.

Q: What is the schedule like?
A: The league will consist of 12 teams, with six men’s and six women’s teams, and will play a home-and-away series in each of the eight cities it will visit.