Ice Cube sells off two teams in his Big3 basketball league for $10M each after failed Caitlin Clark pursuit
Ice Cube’s rising Big3 league is planting seeds with teams in Houston and Miami.
The 3-on-3 league that started in 2017 holds a unique feature allowing fans to purchase stakes in the organization. As they remain open to new investors, the former NWA member’s venture achieved a $10million sale of its first team in May, per AFROTECH.
As Big3 plans to move from a touring format to a city-based model, the first franchise -based in Los Angeles – was sold to a group led by investment firm DCB Sports.
With the aim of selling all 12 of their teams, Big3 went a step closer after locking deals with teams in Houston and Miami, according to Bloomberg.
‘We need to plant our roots in cities so we can be more than a rolling all-star game coming through,’ Ice Cube told Bloomberg. ‘It’s really about growing the sport and the league.’
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Ice Cube has sold two teams in his Big3 league as they move towards a city-based format
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The purchases come after the rapper offered Caitlin Clark $15million to play in the league
Former Goldman Sachs executive Eric Mullins – who now leads equity firm Lime Rock Resources – is investing in the Houston team with Milton Carroll, the minority owner of the Houston Astros in Major League Baseball.
Meanwhile, real estate executive Heath Freeman is reportedly spearheading the investment in Miami. Both deals are reportedly worth $10m.
‘Big3 is shaping the future of basketball; the game play is dynamic and nuanced and the product on the court appeals to the audiences in this incredibly fast-growing region,’ Freeman said in a press release, according to the Miami Herald.
‘Basketball fans across South Florida can rest assured that this franchise will soon add to our great region’s winning sports pedigree.’
