Maverick Carter-Backed Group Seeks $5 Billion for Global Basketball League

A group of investors, advised by Maverick Carter, LeBron James' business partner, is seeking to raise a staggering $5 billion from private investors to launch a new global basketball league.
The ambitious project aims to rival the NBA, featuring six men's and six women's teams playing in eight cities worldwide, mirroring the itinerant schedule of Formula 1. Singapore is confirmed as one of the host cities.

UBS Group AG and Evercore Inc. are spearheading the fundraising efforts, targeting wealthy individuals, institutional investors, and potentially sovereign wealth funds.
Notable backers include Skype co-founder Geoff Prentice, former Facebook executive Grady Burnett, and investment firm SC Holdings.

While this venture presents an exciting opportunity, it also faces significant hurdles. Past attempts to challenge established sports leagues, such as the NFL, have encountered considerable difficulties.
This ambitious endeavor, if successful, could reshape the global landscape of professional basketball. However, the $5 billion funding goal and the competitive landscape pose significant challenges for this nascent league.-reported by Bloomberg

Lebron James is not rumored to be a part of this endeavor, but it is interesting to note that when Lebron upped his equity in Fenway Sports Group, part of a lifetime marketing deal Lebron signed with the parent of the Boston Red Sox, Pittsburgh Penguins and Liverpool FC. During this deal, Maverick alongside James earned a 1% equity stake in Fenway back in 2021, converting equity in Liverpool that was part of their original marketing partnership in 2011. Lebron has long been rumored to be in the running for one of the Expansion teams in the NBA. Time will tell if this endeavor will hinder that in any way.

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