Investors are launching a new basketball league competing with the NBA, backed by Saudi Arabia’s wealth fund and UBS. The league plans to field six men’s and six women’s teams across eight cities, including Singapore and Macau. Key investors include Byron Deeter, Maverick Carter, and Geoff Prentice, aiming to attract top international players and engage billions of fans worldwide. Singapore is exploring hosting and potential headquarters, while Saudi Arabia continues expanding its sports investments.
A group of investors is planning to launch a new basketball league aimed at competing with the NBA, potentially hosting games across Asia and Europe. With a backing from Saudi Arabia’s sovereign wealth fund and advisory support from UBS, the projected budget for the competition is approximately $5 billion. The league intends to establish six men’s and six women’s teams across eight cities, considering Singapore and Macau as potential venues.
The organizers aim to attract premier players from around the globe, especially from Europe, presenting an alternative competitive platform to the NBA. Key figures involved in this initiative include Byron Deeter and venture capital firm Quiet Capital, alongside Maverick Carter, a business partner of NBA legend LeBron James, and Geoff Prentice, a co-founder of Skype.
Byron Deeter expressed confidence in the project’s potential, emphasizing that millions of basketball fans outside the U.S. are ready for enhanced elite-level competition. Quiet Capital founder Lee Linden stated the ambition is to engage two billion fans worldwide through this initiative. Additionally, the Saudi company’s events arm, Sela, and Macau’s Galaxy Entertainment Group will serve as strategic partners in this venture.
Sela commented on their partnership, indicating it will significantly contribute to the global expansion of basketball. Meanwhile, Kevin Kelley from Galaxy Entertainment noted the positive tourism impact of high-level basketball in Macau, expressing excitement about enhancing entertainment options for fans.
While Singapore is not currently part of the investor group, there are early discussions about hosting league events and possibly establishing a global headquarters there. The Ministry of Culture, Community and Youth in Singapore highlighted the nation’s commitment to hosting world-class sporting events and expressed openness to the potential partnership and investment opportunities.
The NBA has not issued a response to these developments, nor has Carter commented on the new league. Saudi Arabia’s Public Investment Fund, helmed by Crown Prince Mohammed bin Salman, is already investing in various sports domains, further emphasizing its ambitions in the sports industry. Recent ventures, like LIV Golf’s challenges to established norms and the Saudi Pro League’s aggressive player recruitment, illustrate a trend of altering competitive landscapes in professional sports.
Original Source: www.straitstimes.com
