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Wednesday, April 24, 2024
NBA Sports

Former President Barack Obama acquires stake in NBA Africa

Obama will have a minority equity stake in NBA Africa, a new entity set up this year to run all the league’s business on the continent.

By  Associated Press
   
SHARE Former President Barack Obama acquires stake in NBA Africa
Former U.S. President Barack Obama has acquired a stake in the NBA’s Africa business through his foundation.

Former U.S. President Barack Obama has acquired a stake in the NBA’s Africa business through his foundation.

Vincent Thian/AP

JOHANNESBURG — Former U.S. President Barack Obama has acquired a stake in the NBA’s Africa business through his foundation, the NBA said Tuesday.

Obama will have a minority equity stake in NBA Africa, a new entity set up this year to run all the league’s business on the continent.

The NBA said Obama would use his stake to fund the Obama Foundation’s youth and leadership programs in Africa.

Former Bulls players Joakim Noah and South Sudan native Luol Deng are also investors in the venture.

Obama has been linked to the NBA’s Africa operations since 2019, although it wasn’t clear until Tuesday exactly what his involvement would be. The NBA didn’t disclose any financials.

NBA Africa and world body FIBA combined to set up a pro basketball league in Africa. The Basketball Africa League held its inaugural season in May after being delayed for a year by the coronavirus pandemic. It featured the top teams from 12 African countries.

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