A Rising Rival: New Hoops League Aims to Challenge the NBA

A new basketball league, backed by Saudi Arabia's sovereign wealth fund and UBS, aims to rival the NBA. The $5 billion venture plans to establish six men's and six women's teams across Asia and Europe. Investors include Byron Deeter and Maverick Carter, with top global players in their sights.

A group of investors, backed by Saudi Arabia's sovereign wealth fund and Swiss bank UBS, is developing a basketball league spanning Asia and Europe with aspirations to rival the NBA.

According to the Financial Times, the ambitious $5 billion project plans to establish six men's and six women's teams in eight host cities, including Macau and Singapore. Key investors like Byron Deeter and venture capital firm Quiet Capital are leading the charge, alongside luminaries such as Maverick Carter and Skype co-founder Geoff Prentice.

The league's strategy focuses on attracting top players worldwide, particularly from Europe, offering an appealing alternative to the U.S.-centric NBA. The organizers aim to tap into the global basketball fanbase, engaging millions of enthusiasts outside the United States. Saudi events company Sela and Macau's Galaxy Entertainment Group are among the strategic partners driving this groundbreaking venture.

(With inputs from agencies.)