The group of investors will create a new basketball league that will one day compete for the NBA, from Asia and Europe, featuring Saudi Arabia's sovereign wealth fund and Swiss bank UBS as strategic partners.
Financial Times reported The $5 billion basketball competition is set up six men's and six women's teams to compete in six host cities.
Macau and Singapore are set to be hosts, but organizers are also trying to rope in European cities.
The league wants to attract top players from around the world, especially from Europe, to provide an alternative to the NBA.
Byron Data and the quiet capital firm of venture capital are one of the investors, but Financial Times also said Maverick Carter, business partner of NBA Great Lebron James and co-founder of Skype Geoff Prentice are on board. I did .
“When it comes to global basketball, the opportunities are huge,” Data said in a statement to the media.
“There's a huge, undeveloped market. Millions of fans outside the US want to grow the sport at an elite level.”
Lee Linden, founder of Quiet Capital, said he wants to provide a global league to two billion fans.
Saudi Arabian event company SELA – owned by the country's Sovereign Wells Supra Investment Fund (PIF) – Macau Casino Group Galaxy Entertainment and UBS will become strategic partners in the competition.
“We are excited to become a global operating partner for this elite basketball circuit, and marks a major milestone in our global expansion. This partnership is set to enhance the game.” Serra said in a statement.
“We are pleased to announce that Neil Meyer, global co-head of media and telecoms at UBS.
“We see this as a unique opportunity to leverage UBS's global connectivity and capabilities.”
Kevin Kelley, CEO of Galaxy Entertainment Group, said bringing “high-level basketball” to Macau will make the area a top tourist destination.
“We are excited to be a strategic partner with this group of leaders. They're creating a series of inevitable entertainment experiences for our fans, and we're all in there,” Kelly says. I did.
Reuters reached out to the NBA and the Ministry of Culture, Community and Sports in Singapore for comment. Carter did not comment on the project.
Chaired by Crown Prince Mohammed bin Salman, Saudi PIF has posted hands in several sports, including golf, soccer and boxing.
Liv Golf challenged the established orders and created a split in the sport before announcing a shocking merger with the PGA Tour.
The Saudi Arabian professional league grew rapidly when it poached football talent from the top European leagues with large transfer fees and wages that many clubs and players were unable to refuse.
