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 NBA if it can offer big-money deals to players, similar to how LIV Golf lured 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. Bloomberg first reported the 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 125 international players tip off in the 2024 season.<\/p>\n<\/p>\n
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