Former President Obama Buys Stake In NBA’s Africa Business
Jul 27, 2021, 7:33 PM
NBA Commissioner Adam Silver and former President of the United States, Barack Obama speak in the first half during Game Two of the 2019 NBA Finals between the Golden State Warriors and the Toronto Raptors at Scotiabank Arena on June 02, 2019 in Toronto, Canada. (Photo by Gregory Shamus/Getty Images)
(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.
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