Maverick Carter recommends NBA rival basketball league for investors | Wilnesh News

A group of powerful investors is hoping to raise billions of dollars to form a new international basketball league, people familiar with the matter said.

The new organization will provide players with equity, these people said.

Investors are aiming to raise $5 billion for the league, which could become a rival to the NBA if it can offer players big deals, in the same way LIV Golf has poached PGA Tour players.

It’s unclear which players the league will target or when it will begin.

Maverick Carter, LeBron James’ longtime friend and business partner, is advising a group that includes Jason Stein and Daniel Haimovich of investment firm SC Holdings (Daniel Haimovic), Skype co-founder Geoff Prentice and former Facebook senior executive Grady Burnett.

A representative for James said he was not involved in the effort and declined to comment on whether the Los Angeles Lakers star has been contacted about the matter.

The group is working with UBS and Evercore to help raise the money, which is expected to come from sovereign wealth funds, institutional investors and wealthy individuals, people familiar with the matter said.

The unnamed league is expected to feature races in eight cities around the world for two weeks each, following a formula similar to Formula One. Team.

Singapore is one of the markets where the competition will be held, people familiar with the matter said. It’s unclear what the other seven markets are.

NBA representatives did not immediately respond to a request for comment.

But a source familiar with the matter said they were unaware of the league’s plans until Wednesday’s briefing. Bloomberg first reported news.

The NBA has expanded its international presence in recent years, establishing leagues in Africa and hosting games overseas including China, the United Arab Emirates, Mexico City and Paris. The league also set a record 125 international players 2024 Season Revealed.