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

Media and EntertainmentMedia and Entertainment

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

^{Published on 2025-02-07 23:24:10 - Reuters}

A group of investors are looking to create a 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 as an adviser.

The Public Investment Fund (PIF) of Saudi Arabia is among the investors backing a new basketball league set to launch in January 2026, with a valuation of $5 billion. This league, named "The Basketball League" (TBL), aims to span across the U.S., Canada, Europe, Asia, and Australia, featuring 12 teams in its inaugural season. The initiative is led by former NBA player and current entrepreneur, Kareem Abdul-Jabbar, alongside other notable figures from the sports and entertainment industries. The league promises to offer a new platform for basketball talent, focusing on innovation in sports entertainment, fan engagement, and global expansion. The investment from PIF underscores Saudi Arabia's growing interest in sports as part of its Vision 2030 to diversify its economy and enhance its global image.

Read the Full Reuters Article at:
[ https://www.reuters.com/sports/basketball/basketball-pif-among-partners-backing-new-5-billion-basketball-league-spanning-2025-02-07/ ]

N@N

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