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A group of investors is seeking to raise $5 billion to start an international basketball league meant to rival the NBA, Bloomberg reports.

Why it matters: The sports business boom continues to rake in huge sums of money from established investors and sports legends. 

Zoom in: The effort is being overseen by Maverick Carter, LeBron James' business partner. UBS and Evercore have been brought in as advisers, according to Bloomberg. 

Bloomberg says other backers include Skype co-founder Geoff Prentice and former Facebook executive Grady Burnett.

What they're saying: "The league is envisioned to comprise six men's and six women's teams, with games played in eight cities around the world with two weeks in each city," Bloomberg reports, citing people familiar with the matter, with Singapore among the cities in mind.  

The big picture: Money is flooding into new pro sports leagues, driven by hungry ad dollars and voracious live event appetites from viewers. 

Maverick Carter said to lead $5B effort for NBA rival league

Investors seek six men's and six women's teams to tour the world, Bloomberg reports.

Maverick Carter and LeBron James. Photo: Adam Pantozzi/NBAE via Getty Images

A group of investors is seeking to raise $5 billion to start an international basketball league meant to rival the NBA, Bloomberg reports.Why it matters: The sports business boom continues to rake in huge sums of money from established investors and <a class="gtmContentClick" data-vars-link-text="sports legends" data-vars-click-url="https://www.axios.com/pro/media-deals/2024/06/17/shaun-white-pro-snowboarding-snow-league" data-vars-content-id="28c93e45-2e56-42fb-ac8d-ec0451ef9793" data-vars-headline="Maverick Carter said to lead $5B effort for NBA rival league" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/media-deals/2024/06/17/shaun-white-pro-snowboarding-snow-league" target="_self">sports legends</a>.

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Maverick Carter said to lead $5B effort for NBA rival league

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