As reported by Mergers & Acquisitions, Ice Cube's Big3 basketball league has finalized the sale of its third team as the league prepares for a format change in the upcoming season.
A new team based in Houston has been purchased for $10 million by two energy industry leaders, according to a source familiar with the transaction. The buyers are Eric Mullins, a former executive at Goldman Sachs who currently leads the oil and gas-focused private equity firm Lime Rock Resources, and Milton Carroll, the former chairman of CenterPoint Energy Inc. and a minority owner of Major League Baseball's Houston Astros.
The league is in the process of incorporating new ownership groups as it shifts to a model where teams are rooted in their respective home cities. Previously, all Big3 teams competed in different cities on a weekly basis without specific ties to any particular market.
When the Big3 was established in 2017, the league owned all of its teams.
However, it has since put all 12 squads up for sale, with external investors acquiring franchises in Los Angeles and Miami. The league is also contemplating an expansion to 16 teams.
Ice Cube, who co-founded the Big3, emphasized the loyalty of the Texas market to the league since its inception. Additionally, the league has been exploring potential expansion into London and Toronto.
The 3-on-3 basketball format will gain global attention this summer as it features in the Summer Olympics in Paris, commencing in late July.
However, it's worth noting that the Big3 utilizes a distinct set of rules compared to the Olympic version.
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