A group of investors, including Maverick Carter—business partner of NBA superstar LeBron James—aims to create a new global basketball league to rival the NBA. The group is reportedly seeking $5 billion in funding from private sources, such as wealthy individuals and institutional investors like sovereign wealth funds. UBS Group AG and Evercore Inc. are leading the fundraising efforts.
Notable backers include Skype co-founder Geoff Prentice, former Facebook executive Grady Burnett, and SC Holdings, an investment firm led by Jason Stein and Daniel Haimovic.
The proposed league will feature six men’s and six women’s teams, competing in eight cities worldwide on a rotating schedule, similar to Formula 1 races. Singapore has already been named as one of the host cities. This ambitious plan is designed to deliver a unique, globe-trotting basketball experience.