Ex-NBA star Yao Ming ‘proud to support’ Asian University Basketball League with investment
Other notable investors include Brooklyn Nets owner Joe Tsai, plus owner of Philadelphia 76ers and former co-owner of the Milwaukee Bucks
Ex-NBA star Yao Ming has taken his first foray into basketball investment in almost a decade, joining a host of global heavyweights in backing a fledgling regional college competition.
The Asian University Basketball League (AUBL) concluded its Series A funding round, typically used to generate cash for development and expansion, on Thursday.
Blue Pool Capital, the family office of Brooklyn Nets owner Joe Tsai, led the round, which built on the Alibaba co-founder’s seed investment last May. Alibaba also owns the South China Morning Post.
Other new backers included the likes of Marc Lasry, former co-owner of the Milwaukee Bucks, and Bolt Ventures, the family office of Philadelphia 76ers co-owner David Blitzer. Along with Tsai, the league is now supported by three current or former NBA team owners.
Hong Kong-based conglomerate Nan Fung Group and venture capital firm HongShan Capital Group (HSG) were also among the new investors, although no figures were made available with a spokesman saying the league was “not revealing numbers”.
“Attending last year’s AUBL Finals in person and witnessing first-hand the energy in the arena, the passion of the fans, and the level of play on the court further reinforced my belief that the league is headed in the right direction,” Tsai said.