The NBA, whose African operations are currently based in Johannesburg, will spend the cash building infrastructure such as offices, courts and stadiums and work to boost local interaction with fans and players
NBA Africa valued at US$1B with Watsa, Mutombo backing
Loni Prinsloo, Bloomberg News NBA
The National Basketball Association Inc. is expanding in Africa through a deal that values its operations on the continent at US$1 billion.
Private equity firm Helios Fairfax Partners Corp. invested in the new African entity alongside Tunde Folawiyo, chairman of Yinka Folawiyo Group, the NBA said in a statement on Monday. Former NBA players Dikembe Mutombo, Junior Bridgeman, Luol Deng, Grant Hill and Joakim Noah also invested. Altogether, the investors have acquired an eight per cent stake, a person familiar with the deal said, asking not to be identified because the details are private.