Former US President Obama buys stake in NBA’s Africa business.
Former US President Barack Obama bought a stake in the NBA’s business in Africa through his foundation.
The NBA says Obama will have a minority stake in NBA Africa. He created a new entity this year to manage all of the league’s business on the continent.
The NBA adds that Obama will use the proceeds to fund the Obama Foundation’s youth and leadership programs in Africa.
However, Barak Obama was linked to NBA operations in Africa since 2019. Still, as of Tuesday’s announcement, it was unclear what exactly his involvement would be.
NBA Africa and the world body FIBA have combined to create the first professional basketball league in Africa.
It had its inaugural season in May.
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