Report: LeBron James not involved in 'F1 for basketball' startup
Los Angeles Lakers forward LeBron James. Mandatory Credit: Jayne Kamin-Oncea-Imagn Images Though his childhood friend and business partner Maverick Carter is reportedly behind an effort to launch an international basketball league, Los Angeles Lakers superstar LeBron James is not involved, Front Office Sports reported.
According to Wednesday night's report, the league is looking to be "an F1 for basketball," not a competition for the NBA, which hasn't faced a domestic rival since the ABA merger in 1976.
Looking to raise $5 billion to launch the venture, a group of investors -- with Carter serving as an adviser -- has turned to Evercore Inc. and UBS Group AG to help reach that goal via sovereign wealth funds, per a Bloomberg report.
The report also listed former Facebook executive Grady Burnett and Skype co-founder Geoff Prentice among the other backers.
Per Bloomberg, a target date has yet to be set for the league, which plans to have six men's and eight women's teams playing in eight cities -- for two weeks at a time -- outside the United States. Singapore is among the cities on the list, according to Front Office Sports.
--Field Level Media
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