Ice Cube’s BIG3 basketball league may be broadening its scope to include outside investors.
The post Ice Cube Reportedly Looking To Sell Several Big3 Teams To Outside Investors appeared first on AfroTech.
Bloomberg reports that the league is exploring the potential sale of several teams with outside investors, per a source close to the matter. Since forming in 2017, the league has maintained ownership of its teams and now, may be looking to explore a franchise model for several of them.
As AfroTech previously told you, the 3-on-3 league has allowed fans to have a stake in the 12 teams backed by non-fungible tokens (NFTs). This provides a unique opportunity for fans to invest more than just their time into a team and reap greater rewards for doing so, such as receiving voting rights toward team actions, VIP tickets to games, and limited-edition team, league, and championship merchandise and memorabilia.
“When we founded the BIG3 five seasons ago, our mission was to build a league that was innovative and created opportunities for players and fans alike that other leagues lack,” said BIG3 co-founder Jeff Kwatinetz, according to a press release. “We are thrilled to be lowering the barrier to entry to team ownership so our fans can take their investment to the next level. This is a tremendous step for our league and the sport as a whole, and I can’t wait to meet our new owners and begin to build this league alongside them.“
The BIG3 league is currently heading into its sixth season with games set for cities such as Dallas, Chicago, Detroit, and Memphis, among others.
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Snoop Dogg was sold on the idea and became an official team owner in 2022 with a minority stake in team Bivouac.
“We are absolutely thrilled to have Snoop, Ken, and their communities on board with the BIG3,” Ice Cube said in a news release. “Having someone with Ken’s knowledge and experience wanting to be a part of our league demonstrates that we are moving in the right direction. Snoop is an undisputed legend who has jumped headfirst into the Web3 space and clearly understands the importance and the value of what we are trying to create. Together, I know they will take Bivouac to new heights and we can’t wait to get started.”
Bloomberg reports Ice Cube is also on the hunt to land sponsorship deals with advertisers, which will empower the league’s efforts.