The News
Saudi Arabia is taking another swing at global sports. The kingdom’s sovereign wealth fund, Singapore’s government, a Macau casino operator, and other investors are backing a $5 billion global basketball tournament led by Maverick Carter, business partner of basketball legend LeBron James, the Financial Times reported. The league will feature six men’s and six women’s teams competing in eight cities, providing an alternative to the NBA’s dominance.
Basketball is the latest target of Saudi’s massive sports investment spree. The kingdom has transformed its local football league by signing global stars, disrupted professional golf with LIV Golf, and become a powerhouse in boxing. Last week, LIV secured a broadcasting deal with ITV in the UK, while Saudi Arabia is set to host the first-ever Olympic Esports Games in 2027, further expanding its influence in global sports.