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Basketball-PIF among partners backing new $5 billion basketball league spanning Asia and Europe

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A group of investors are looking to create a new basketball league that will span Asia and Europe to one day rival the NBA, with Saudi Arabia's sovereign wealth fund as a strategic partner and Swiss bank UBS serving as an advisor.
The article from MSN discusses the launch of a new basketball league, backed by a $5 billion investment, aimed at spanning across Asia and Europe. This initiative is supported by the Public Investment Fund (PIF) of Saudi Arabia, among other partners. The league, which is still in its planning stages, seeks to capitalize on the growing popularity of basketball in these regions, offering a platform for both professional development and international competition. The involvement of PIF, known for its investments in sports to diversify Saudi Arabia's economy, underscores the strategic importance of sports in global entertainment and cultural exchange. The league aims to not only enhance the sport's infrastructure but also to foster talent development, potentially reshaping the basketball landscape in these continents.

Read the Full MSN Article at:
[ https://www.msn.com/en-gb/sport/other/basketball-pif-among-partners-backing-new-5-billion-basketball-league-spanning-asia-and-europe/ar-AA1yCBq8 ]