A group of investors advised by Maverick Carter, business partner to basketball star LeBron James, is seeking $5bn to establish an international basketball league, according to Bloomberg.
The effort, supported by UBS Group and Evercore, aims to attract funding from high-net-worth individuals and institutional investors, including sovereign wealth funds.
Backers include Skype co-founder Geoff Prentice, former Facebook executive Grady Burnett, and SC Holdings, led by Jason Stein and Daniel Haimovic.
The league plans to feature six men’s and six women’s teams, with games rotating through eight global cities, including Singapore, on a Formula 1-style schedule.
Despite its ambitions, the venture faces hurdles, as past efforts to challenge established leagues like the NFL have struggled.
Representatives for the investors and organisers declined to comment.