The NBA announced that former President, Barack Obama has joined NBA Africa as a strategic partner where he will have a minority equity stake in the new venture.
Obama will help advance the league’s social responsibility efforts across the continent, including programs and partnerships that support greater gender equality and economic inclusion.
“In this capacity, President Obama will have a minority equity stake in the new venture, which over time he intends to use to fund Obama Foundation youth and leadership programs across Africa,” the league’s statement read.
According to the statement, Obama would use his stake in NBA Africa to fund the Obama Foundation youth and leadership programs across Africa. However, the terms of the equity stake were not disclosed.
What they are saying
Speaking on his investment in the leagues, Obama said, “The NBA has always been a great ambassador for the United States—using the game to create deeper connections around the world, and in Africa, basketball has the power to promote opportunity, wellness, equality, and empowerment across the continent.
“By investing in communities, promoting gender equality, and cultivating the love of the game of basketball, I believe that NBA Africa can make a difference for so many of Africa’s young people. I’ve been impressed by the league’s commitment to Africa, including the leadership shown by so many African players who want to give back to their own countries and communities. That’s why I’m proud to join the team at NBA Africa and look forward to a partnership that benefits the youth of so many countries.”
NBA Commissioner Adam Silver said, “We are honored that President Obama has become a strategic partner in NBA Africa and will support our wide-ranging efforts to grow the game of basketball on the continent.
“In addition to his well-documented love for basketball, President Obama has a firm belief in Africa’s potential and the enormous growth opportunities that exist through sports. NBA Africa will benefit tremendously from his engagement.”
NBA Africa CEO Victor Williams said, “We have ambitious growth plans for NBA Africa and having President Obama join our efforts is a recognition that through sport, Africa can take its rightful place on the world stage. We look forward to working with President Obama and our strategic investors to use basketball as an economic growth engine across the continent and as a platform to improve the health and wellness of one of the world’s youngest and fastest-growing populations.”
In case you missed it
- In May, the National Basketball Association (NBA) announced the formation of NBA Africa which will conduct and oversee all league’s business in Africa and also includes the Basketball Africa League (BAL).
- The entity is valued by the NBA to be a $1billion venture. Investors of the entity include two Nigerian businessmen, Yinka Folawiyo Group; and Helios Fairfax Partners Corporation (HFP) who also have seats on the board.