Ice Cube continues to make major moves in the basketball world.
According to the LA Times, the BIG3, the professional three-on-three basketball league co-founded by Cube and Jeff Kwatinetz, is planning to go public this year.
The league has announced plans to go public in a $290 million merger with Graf Global Corp. In the historic move, the league will be the first publicly traded professional sports league in the U.S. By shifting from a private entity to a public one, BIG3 is allowing fans to move from the sidelines to the boardroom.
Per the terms of the agreement with Graf, “100 percent of Big3’s existing equity and equity-linked interests will convert into common stock of the combined company.” Cube, Kwatinetz, and NBA Hall of Famer Clyde Drexler, league commissioner, will continue to serve in their roles.
Cube released a statement expressing his excitement about the forthcoming deal.
“We are excited for BIG3 to be the first publicly traded professional sports league in the US,” said Ice Cube. “Leading a new generation of emerging sports, BIG3 connects basketball to culture, fans, and our team communities. Going public is our next step. This lifts us to a bigger stage and accelerates our international potential. It gives our fans a way to grow with us, support us and participate in our success.”
“Cube and I are proud of what BIG3 has done over the last eight seasons. And [we are] excited to begin our ninth season on June 20 in Los Angeles. Everything is coming together this year,” Kwatinetz added. “Now located in eight cities, worldwide distribution of our games, including on Migu (the go-to streaming platform for sports in China). And recognized as the premier 3-on-3 league in the world, we are at an inflection point. The public listing will provide capital and acquisition currency to take the best advantage of our highly scalable platform, dominant brand, experience, leadership, and opportunities in 3-on-3 basketball and the emerging sports market generally.”
The ninth season of the BIG 3 tips off on June 20.
Leave a Reply