Saudi Arabia's sovereign wealth fund has been named as a strategic partner to a group of investors looking to create a new basketball league that will span Asia and Europe to one day rival the NBA, with Swiss bank UBS serving as an advisor.
The Financial Times reported that the $5 billion competition plans to create six men's teams and six women's teams that will compete in eight host cities.
Macau and Singapore are set to be hosts, while organisers are also looking for European venues.
The league hopes to lure top players from around the world, especially Europe, and give them an alternative to the NBA.
