NBA Africa Launches With Backing From League Legends Dikembe Mutombo, Grant Hill, Others

What Happened: The National Basketball Association announced a new entity Monday: NBA Africa, which will conduct the league’s business in Africa, including the Basketball Africa League. 

The Investors: The league is backed by investors including Tunde Folawiyo, chairman and CEO of Yinka Folawiyo Group and Tope Lawani, co-CEO of Helios Fairfax Partners Corporation and co-founder and managing partner of Helios Investment Partners.

Both have expertise within industries and relationships with African businesses, governments and NGOs. The strategic investors are expected to propel the NBA’s growth across Africa.

“Today’s announcement is the result of many years of investment and on-the-ground work to grow the game of basketball in Africa and a recognition of the enormous opportunities ahead for the NBA on the continent. We believe that basketball can become a top sport across Africa over the next decade, and I look forward to working closely with our investors to make that goal a reality,” NBA Commissioner Adam Silver said in a statement. 

Folawiyo and Lawani will be on the NBA Africa board of directors, led by NBA Africa CEO Victor Williams.

Other board members include Silver and NBA Deputy Commissioner and COO Mark Tatum.

Other notable investors include NBA stars Dikembe Mutombo, Junior Bridgeman, Grant Hill, Joakim Noah and Luol Deng.

Silver told Forbes that NBA Africa has a nearly $1-billion valuation, based on calculations of the outside investments and the enterprise value in regards to future expectations.

The Prospects: The funding is aimed at expanding the NBA’s exposure in key African markets and Africa’s basketball realm. The league hopes to strengthen its engagement with players and fans via NBA Academies and social responsibility initiatives.

“Sport has always been a unifier in Africa, and our people have always excelled in most fields, often far from home and against all odds. 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," Folawiyo said in a statement.