Maverick Carter recommends NBA rival basketball league for investors | Real Time Headlines

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 aim to raise $5 billion for alliance that could emerge as league rival NBA If it could offer players big deals, something like life golf poached PGA Tour players.

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

Maverick CarterLeBron James’ longtime friend and business partner is advising a group that includes investment firm SC Holdings’ Jason Stein and Daniel Haimovic, Skype co-founder Geoff Prentice and former Facebook executives Tube 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 hosting the competition, 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.