LeBron James' manager 'leading talks over $5b international basketball league aimed at being 'the F1 of hoops'
Share:
LeBron James' long-time manager Maverick Carter is on the hunt for $5 billion in capital for a startup new basketball league. As first reported by Bloomberg, Carter is advising a group of investors, which includes private equity funds. Bloomberg has also reported the investment group could seek contributions from sovereign wealth funds.
![[LeBron James and Maverick Carter are seen at Crypto.com Arena in February of 2023]](https://i.dailymail.co.uk/1s/2025/01/19/16/94266027-14302187-image-m-29_1737302708950.jpg)
The group of investors has turned to Evercore Inc. and UBS Group AG to help reach that goal via sovereign wealth funds, per Bloomberg. That report also listed former Facebook executive Grady Burnett and Skype co-founder Geoff Prentice among the other backers.
![[Rose player Angel Reese speaks following a practice session, Thursday, January 16, 2025, in Medley, Florida, as the new 3-on-3 women's basketball league Unrivaled tips off]](https://i.dailymail.co.uk/1s/2025/01/19/16/94233887-14302187-Rose_player_Angel_Reese_speaks_following_a_practice_session_Thur-a-33_1737302828132.jpg)
Currently the NBA limits private equity stakes in teams to 20 percent, while sovereign wealth funds are capped at 5 percent. The newly proposed league will consist of six men's and six women's teams, with games scheduled around the world, ESPN is reporting. Front Office sports says the league will be entirely outside of North America and names Singapore as one of its potential host cities.
![[Mist's Breanna Stewart (30) dribbles around Owls' Napheesa Collier (24), during the first half of an Unrivaled 3-on-3 basketball game on Friday in South Florida]](https://i.dailymail.co.uk/1s/2025/01/19/16/94233879-14302187-Mist_s_Breanna_Stewart_30_dribbles_around_Owls_Napheesa_Collier_-a-34_1737302847297.jpg)
According to reports, the league is looking to be 'an F1 for basketball,' not a competition for the NBA, which hasn't faced a domestic rival since the ABA merger in 1976. Maverick Carter is described as an advisor to the group of investors seeking to raise $5b.
LeBron James and Maverick Carter are seen at Crypto.com Arena in February of 2023. Per Bloomberg, a target date has yet to be set for the league, which plans to have six men's and eight women's teams playing in eight cities -- for two weeks at a time -- outside the United States. Singapore is among the cities on the list, according to Front Office Sports.
