Former President Obama Buys Stake In NBA’s Africa Business
Jul 27, 2021, 7:33 PM
(Photo by Gregory Shamus/Getty Images)
JOHANNESBURG (AP) — Former U.S. President Barack Obama has bought a stake in the NBA’s Africa business through his foundation.
The NBA says 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 adds Obama will use any profits to fund the Obama Foundation’s youth and leadership programs in Africa.
Today @BarackObama joins NBA Africa as a strategic partner. https://t.co/qD5nxSZsbP pic.twitter.com/zkfFXlxwej
— NBA Africa (@NBA_Africa) July 27, 2021
Obama has been linked to the NBA’s Africa operations since 2019 but it wasn’t clear until Tuesday’s announcement exactly what his involvement would be.
NBA Africa and world body FIBA have combined to set up the first pro basketball league in Africa.
It held its inaugural season in May.