Former U.S. President Barack Obama has bought a stake in the NBA's Africa business through his foundation. 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 will also support programs and partnerships that provide greater gender equality and economic inclusion. "The NBA has always been a great ambassador for the United States-using the game to create deeper connections around the world, and in Africa, basketball has the power to promote opportunity, wellness, equality, and empowerment across the continent," Obama said in a statement.
"By investing in communities, promoting gender equality, and cultivating the love of the game of basketball, I believe that NBA Africa can make a difference for so many of Africa's young people." He added. Other NBA Africa investors include former NBA standouts Grant Hill, Junior Bridgeman, Luol Deng, Ian Mahinmi, Dikembe Mutombo and Joakim Noah.
"We are honored that President Obama has become a strategic partner in NBA Africa and will support our wide-ranging efforts to grow the game of basketball on the continent," NBA commissioner Adam Silver said.The NBA has a decades-long history in Africa and opened an African headquarters in Johannesburg in 2010. Moreover, The Basketball Africa League was actually launched in May this year