Analysis Business of Sport PIF backs $5bn NBA rival basketball league By Neil Halligan February 10, 2025, 4:27 PM Alamy The project is being headed up by Maverick Carter (left), business partner of basketball player LeBron James (right) Six women’s and six men’s teams League for Europe and Asia Ongoing capital raising Saudi Arabia’s Public Investment Fund is planning to back a new $5 billion basketball competition in Europe and Asia that’s expected to rival the US’s National Basketball Association (NBA), according to media reports. The unnamed tournament will feature six men’s and six women’s teams playing in eight host cities in Europe and Asia. The competition is expected to be similar to the PIF-backed LIV golf series that has attracted some of the world’s best players to play in a 54-hole event series that’s played in 14 cities in nine countries. Partners in the new venture include Sela, an events company owned by Saudi Arabia’s PIF, the Singapore government and Hong Kong-listed Galaxy Entertainment. Emirates airline signs big US basketball sponsorship deal Abu Dhabi fund said to be part of $3.75bn takeover bid for Spurs Saudi Arabia: The making of a sports nation It is headed up by Maverick Carter, business partner of basketball superstar LeBron James, the Financial Times reports. Tech investor Byron Deeter, New York-based fund SC Holdings and VC firm Quiet Capital are part of an ongoing capital raising, with Sela and Galaxy joining the capital raise, sources told the FT. Launched 25 years ago as an athlete representation company, Sela has expanded into sports, entertainment and culture events management. It is also the shirt sponsor of PIF-owned Newcastle United FC. Abu Dhabi has hosted NBA pre-season basketball matches since 2022. In 2023 the Qatar Investment Authority (QIA) bought a 5 percent stake in Monumental, the parent company of basketball side Washington Wizards.
