New Delhi: Former U.S. President Barack Obama has acquired a stake in the NBA’s Africa business through his foundation, the NBA said on 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.
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.