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Barack Obama acquires stake in NBA's Basketball Africa League

Barack Obama acquires stake in NBA's Basketball Africa League
File - Former U.S. President Barack Obama during a plenary session of the Gathering of Rising Leaders in the Asia Pacific, in Kuala Lumpur, Malaysia.   -  
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Vincent Thian/Copyright 2019 The Associated Press. All rights reserved -

USA

Former U.S. President Barack Obama has acquired a stake in the NBA's Africa business, the Basketball Africa League, through his foundation, the NBA said 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 any profits 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.

NBA Africa and world body FIBA combined to set up the first 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.

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