Secret New League?: The F1 of Basketball
*see urban dictionary for definition if needed
Maverick Carter, Lebron’s right-hand man, has supposedly assembled an elite consortium of investors to launch what they’re calling “The F1 for Basketball”. Allegedly backed by SC Holdings and Skype co-founder Geoff Prentice (among others), the $5B league promises a groundbreaking format:
Six men’s and women’s teams featuring top-tier international talent
Games across eight major cities, modeled after F1 hubs like Singapore, where each city hosts for two weeks
The rumor mill suggests that the “F1 for Basketball” will directly compete for NBA viewers - and that Lebron is secretly involved - but league backers have strongly denied these claims.
Regardless of whether these rumors hold any weight, here’s the thing:
This league could genuinely challenge NBA viewership by finally giving the international basketball market a true platform.
Yes, Basketball is Really International
While the NBA has a growing international footprint:
A lot of this growth stems from expanded media rights to local television networks and streaming platforms as well as the rise of international superstars like Giannis Antetokounmpo, Nikola Jokic, Luka Doncic, and Victor Wembanyama.
However, the NBA’s approach towards international fans has been lackluster.
Despite expanded viewership overseas, the league has barely scratched the surface when it comes to delivering high-stakes basketball abroad. This season, the NBA will showcase just three regular-season games in Mexico and Paris, featuring middle-market teams like the Wizards, Heat, and Pacers.
By delivering high-quality and extremely competitive basketball to major cities internationally, “F1 for Basketball” could entrench a unique blend of luxury, hype, & globalism. Imagine Singapore, Dubai, and Rio hosting packed arenas and non-stop, quality basketball for two weeks straight.
If the NBA isn’t careful, a new league like this could capture new eyeballs - in addition to the already decreasing viewership.
Final Word
There are very few details on this new league as a whole, and there are real questions on the league’s viability. How will it attract talent? What brands are willing to sponsor? Can it secure mainstream media platforms?
But even so…
This story is a real wake-up call on how the NBA should view its markets overseas.
Sports-Tech Market Activity: Investors & Deals
Accelerators
FIFA relaunches its ‘Innovation Programme’, aimed at addressing key challenges and opportunities in soccer through tech (Jan. 15th)
Now adopting a crowdsourced model to find solutions to six specific challenges and ten broader focuses
Challenges include improving referee tools like cost-effective VAR, goal-line technology, skeletal tracking data, and artificial turf sustainability among others
PlayerMaker, Vivaturf, and Vieww among the startups within the first cohort [SBJ]
Venture Capital
Snow League, a new Snowsports competition founded by Shaun White, raises $15M in a funding round (Jan. 14th)
Debuting in March; the league plans to build the sports fanbase
Led by Left Lane Capital; other investors include Will Ventures, Ares Management, Bolt Ventures, and Kevin Durant’s Boardroom Sports Holdings [SBJ]
Dropback, a software startup offering a GM-focused platform for college football teams, set to announce $1.6M in funding (Jan. 14th)
Working with Northwestern and engaging in talks with several FBS schools
Investors include Y Combinator, Reach Capital, and Twenty-Two Ventures, among others [SBJ]
Raspberry AI, a fashion tech startup that leverages its text-to-image platform for designers, raised $24M in Series A funding (Jan. 13th)
Expanding product categories, including home goods, furniture, and cosmetics
Led by Andreessen Horowitz; other investors include Greycroft, Correlation Ventures, and MVP Ventures [TechCrunch]
SEED, a Web3 gaming platform, receives investment from blockchain platform Sui Foundation to build a scalable on-chain ecosystem (Jan. 10th)
Creating a sustainable Web3 gaming ecosystem with target of 100M users
Initially a Telegram Miniapp, SEED developed into a large messenger-based on-chain gaming platform
SEED’s new version to combine immersive gameplay, VR, AI, and full blockchain integration [FinSMEs]
NIL FanBox, a subscription service offering signed collegiate sports memorabilia from current/past athletes, raised $2.25M in Seed funding (Jan. 14th)
Athletes receive a 20% share of subscription revenue, with NIL FanBox already having paid over $500K to players at UNC and Texas
Planning to scale, refine operations, and integrate memorabilia boxes into athletic department offerings, targeting further growth across universities
Led by KB Partners [SBJ]
Eternal, a healthcare startup focused on preventative health solutions for athletes, raised $13M in Seed funding (Jan. 14th)
Services include sport-specific assessments and coaching, featuring experts to guide athletes in managing injuries, hormonal shifts, and long-term wellness
Opening in SF and NYC in 2025, extending access to its specialized services
Led by Courtside Ventures and Lightspeed Venture Partners among others [Courtside Ventures]
AO Ventures, Tennis Australia’s VC fund, closes its first round with $49M for sports tech startups (Jan. 13th)
Investing in startups across sport, entertainment, media, and health sectors
Planning to back around 20 startups internationally; final close expected shortly after the Australian Open, with first investments anticipated in Q1, 2025
Investors include Mark Nelson from Caledonia, John Wylie of Tanarra, and international VC Brad Feld [StartupDaily]
M&A and Investments
Investors target $5B raise to launch basketball league with LeBron James' business partner Maverick Carter (Jan. 16th)
Seeking $5B to create an international league with help from UBS and Evercore
Featuring six men’s and six women’s teams, rotating across eight global cities [SportsPro]
Consortium of Indian tech leaders, including Google CEO Sundar Pichai, has bid over £80M to acquire a London-based cricket team in ‘The Hundred’ (Jan. 15th)
Placing bid over £80M for either the ‘Oval Invincibles’ or ‘London Spirit’
Consortium is led by Nikesh Arora and Satyan Gajwani; other investors include Satya Nadella and Shantanu Narayen among others
The ECB offers a 49% stake in each of the eight teams to push for private investment in ‘The Hundred’ [Athlon Sports]
Elevate Sports Ventures, a sports consultant venture by 49ers and Harris Blitzer, acquires collegiate search firm Bowlsby Sports Advisors (Jan. 16th)
Aiming to build the leading collegiate search agency and challenge larger firms in the college sports recruitment market, particularly for high-profile athletic roles
Following the acquisition of SRI, an executive search and consulting company to form hiring division, ‘Elevate Talent’, announced last February [Sportico]
Boxing champ Anthony Joshua becomes co-owner of the AD/vantage padel team, alongside Andy Murray and others (Jan.14th)
Joining Andy Murray, Daniel Vallverdú, and Arran Yentob as co-owners
At a €1.2M prize purse, it stands as the largest in professional padel history
Roster of celebrity investors in The Hexagon Cup includes Rafael Nadal, Leo Messi, and Sergio Aguero among others [SportsPro]
Barry’s, a HITT boutique fitness brand, received investment from Princeton Equity Group, a franchise-focused PE firm to expand studios (Jan. 15th)
Expanding beyond 89 locations across 15 countries; planning to reach over 200 studios in the U.S. by 2030
Barry’s plans to open 12 new locations this year, including Salt Lake City, Charleston, Williamsburg, Madrid, and Athens [Athletech]
Strategic Ventures
SURJ, a Saudi-backed sports investment firm, teams up with Enfield Investment Partners to expand their sports portfolio (Jan. 14th)
Partnership targets global investments across teams, leagues, sports infrastructure, and media
Recent investments include $100M in the PFL, minority stake in the EuroLeague, and €250M ($257M) for a new cycling league among others [SportsPro]
OHL, a junior Canadian ice hockey league, partners with sensor-tech startup Drive Hockey Analytics to enhance smart arena technology (Jan. 15th)
Introduced Drive Hockey Analytics’ smart arena tech at the inaugural Connor McDavid OHL Top Prospects Game
Tracking player performance with wearable sensors and AI–similar to NHL Edge, providing data for scouts, media, and fans [CHL]
Lucra Sports taps tech-infused minigolf experience company Puttshack to integrate social gaming features into 20+ locations (Jan. 15th)
Combining Puttshack’s Trackaball™ tech with Lucra’s interactive features enabling challenges, wagers, and competitions during mini-golf gameplay
Puttshack previously raised $150M in capital backed by BlackRock and Promethean Investments in 2022 [LinkedIn]
Oddin.gg, a B2B sports betting company, partners with esports data startup Bayes Esports to integrate Live Match Data into its esports-traded products (Jan. 15th)
Bayes Esports provides exclusive live data rights for CS2 and Dota 2, sourced from major tournaments like ESL and Elisa Esports
Expanding global reach, increasing accessibility to official esports data for a broader audience [Bayes Esports]