Former President Obama buys stake in NBA's Africa business
JOHANNESBURG (AP) — Former U.S. President Barack Obama has bought a stake in the NBA's Africa business 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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