Last Updated:February 10, 2025, 16:50 IST

PIF, chaired by Saudi Crown Prince Mohammed bin Salman, has its hands in several sports, including golf, soccer and boxing.

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 Financial Times reported that the $5 billion basketball competition plans to create six men’s teams and six women’s teams that will compete in eight host cities.

Macau and Singapore are being considered as hosts while organisers are also looking to rope in European cities.

The league hopes to lure top players from around the world, especially Europe, and give them an alternative to the U.S. league.

Byron Deeter and venture capital firm Quiet Capital are among the investors, while the Financial Times said Maverick Carter, NBA great LeBron James’s business partner, and Skype co-founder Geoff Prentice were also on board.

“When it comes to global basketball, the opportunity is massive,” Deeter said in a statement to the media. “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.”

Quiet Capital founder Lee Linden said they hope to deliver a global league to two billion fans.

Saudi events company Sela, owned by the country’s sovereign wealth Public Investment Fund (PIF), and Macau casino group Galaxy Entertainment will be strategic partners.

“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,” Sela said in a statement.

The NBA did not immediately respond to a request for comment. Carter did not comment on the project.

PIF, chaired by Saudi Crown Prince Mohammed bin Salman, has its hands in several sports, including golf, soccer and boxing.

LIV Golf challenged the established order and created a split in the sport before they announced a shock merger with the PGA Tour.

The Saudi Pro League also grew rapidly when they poached soccer talents from Europe’s top leagues with massive transfer fees and wages that many clubs and players could not turn down.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)