A group of investors is launching a new international basketball league with $5 billion in backing, considering Singapore and Macau for hosting. Led by influential partners including Saudi Arabia’s PIF, the league aims to attract top players and fill a global market gap in basketball. Discussions are ongoing for event arrangements and potential headquarters in Singapore.
Investors are working to establish a new basketball league aimed at global competition, specifically in Asia and Europe, with a projection of a US$5 billion market. This league plans to feature six men’s and six women’s teams competing across eight cities, considering Singapore and Macau for hosting. The initiative seeks to attract premier players globally and provide a notable alternative to the NBA.
Prominent figures backing the venture include Byron Deeter, Quiet Capital, Maverick Carter, and Geoff Prentice. Deeter highlighted the significant opportunities for basketball outside the U.S., stating, “There’s a huge untapped market – millions of fans… eager for us to grow the sport at the elite level.” The league aims to engage two billion potential fans.
Strategic partnerships involve Saudi Arabia’s Sela events company and Macau’s Galaxy Entertainment, with Galaxy’s COO emphasizing their goal of making Macau a top destination for high-level basketball. UBS’s Neil Meyer added, “The thesis is simple – basketball is a global game and the world wants more of it.”
Although Singapore is not part of the investor consortium, it is exploring possible arrangements with potential for hosting events. The Ministry of Culture, Community and Youth expressed interest in working with the league and suggested Singapore as a possible global HQ, citing their infrastructure and status as a business hub in Asia.
The NBA has yet to comment on the developments. Saudi Arabia’s Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, continues to expand its influence in various sports, having disrupted existing structures in golf with LIV Golf and enhancing its standing in football by attracting European talent with lucrative offers.
The article outlines the potential development of a new international basketball league backed by significant investors and aimed at rivaling the NBA. Singapore and Macau are strong candidates for hosting, while the league anticipates drawing major talent from worldwide. The involvement of Saudi Arabia’s wealth fund reflects a broader trend of investment in sports, indicating a growing global market for basketball.
Original Source: www.straitstimes.com
