In a bid to conduct the National Basketball Association’s (NBA) business in Africa and accelerate its growth on the continent, the association has decided to form a new entity for the purpose.
Among the investors in NBA Africa are investment holding company Helios Fairfax Partners and Babatunde Folawiyo, the chairman and chief executive of Nigeria-based industrial group Yinka Folawiyo Group, as well as former NBA players Junior Bridgeman, Luol Deng, Grant Hill, Dikembe Mutombo and Joakim Noah.
Although the value of the investment in NBA Africa has not revealed, league commissioner Adam Silver has said that value of the new venture is something around US$1 billion.
Significantly, the funding will be used to expand the NBA’s presence in African markets, develop the continent’s basketball ecosystem and support the launch of additional NBA academies and social responsibility initiatives.
As per reports, NBA Africa’s board of directors will be led by chief executive Victor Williams and also includes NBA deputy commissioner Mark Tatum.
Meanwhile, Folawiyo and Tope Lawani, the co-chief executive of Helios Fairfax Partners, will also have their presence on the board.
Commenting on the development, Folawiyo said: “This is a unique opportunity for Africa to leverage the new economy and develop the business and innovation infrastructure of sports. I am genuinely excited to be in a group that understands this imperative alongside the powerhouse that is the NBA.”
“Bringing world-class know-how together with local nous has been a strong formula for successful global businesses. We foresee this for our partnership. This time, success will be defined not just by return on investment but by sustainable and long-term impact on the lives of our people,” he added.