The Saudi Arabian sovereign wealth fund is partnering with investors to create a new basketball league across Asia and Europe, designed to compete with the NBA. With an initial funding of $5 billion, the league will feature six men's and six women's teams in eight cities, including Macau and Singapore. Key investors include Byron Deeter and Maverick Carter. The initiative aims to tap into a massive market of basketball fans outside the U.S., potentially reaching two billion viewers, and is being advised by Swiss bank UBS.
"When it comes to global basketball, the opportunity is massive. There's a huge untapped market -- millions of fans outside of the U.S. who are eager for us to grow the sport at the elite level."
"We're thrilled to be the global operating partner for this elite basketball circuit, and it marks a major milestone in our global expansion. This partnership is set to elevate the game."
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