The NBA could one day have competition in the form of a $5billion basketball league.
A group of investors are looking to create a new league that will span Asia and Europe, with Saudi Arabia’s sovereign wealth fund as a strategic partner and Swiss bank UBS as an adviser.
The Financial Times reported on February 7 that the $5bn competition plans to create six men’s teams and six women’s teams that will compete in eight host cities.
It is hoped to ‘shake up the status quo’ in one of the world’s most popular sports.
Macau and Singapore are being considered as hosts while organisers are also looking to bring in European cities.
While the project does not yet have a name or launch date, it is aiming to reshape the global game and hopes to lure top players from around the world, especially Europe, and offer them an alternative to the NBA.
A European player has won the NBA’s MVP award five times in the past six years.
Byron Deeter and venture capital firm Quiet Capital are said to be among the investors, while the Financial Times report that Maverick Carter, LeBron James‘s business partner, and Skype co-founder Geoff Prentice are also on board.
“When it comes to global basketball, the opportunity is massive,” Deeter said in a statement to the media.
“There’s a huge untapped market – millions of fans outside of the US who are eager for us to grow the sport at the elite level.”
Meanwhile, Neil Meyer, UBS’s global co-head of media and telecom, said: “The thesis is simple: Basketball is a global game and the world wants more of it.”
According to the Financial Times, others behind the new competition describe it as basketball’s answer to Formula One, with teams crossing the globe for two-week long showcase tournaments in each of the host cities.
The Saudi PIF, which is chaired by Saudi Crown Prince Mohammed bin Salman, already has its hands in several sports, including golf, football and boxing.
LIV Golf challenged the established order and created a split in the sport before they announced a shock merger with the PGA Tour.
Any new basketball project is likely to draw comparisons with that.
Meanwhile, the Saudi Pro League also grew rapidly when they poached football talent from Europe’s top leagues with massive transfer fees and wages that many clubs and players could not turn down.
Last month, Jhon Duran became the latest high-profile signing for Al-Nassr, sealing a move from Premier League club Aston Villa in a $80m transfer deal.
He found the back of the net twice on his debut on Friday night and played alongside superstar Cristiano Ronaldo, who marked the occasion with his first goal since turning 40.
The NBA has not yet responded to reports of the new league.