The Business Of Basketball: The Global Investment Behind The BAL

Forbes

04-04-2025

KIGALI, RWANDA - MAY 27: A closeup shot of a drawing board during the game between the River Hoopers ... More and the US Monastir during the 2024 Basketball Africa League Playoffs on May 27, 2024 at BK Arena in Kigali, Rwanda. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2024 NBAE (Photo by Armand Lenoir/NBAE via Getty Images)
As the Basketball Africa League (BAL) begins its fifth season in Morocco, the league is at a crucial juncture—moving beyond its early stages with strong support from prominent global investors and a vision for lasting, pan-African impact. This season marks the first time Morocco will host official BAL games, although the country previously held two BAL Combines in 2024 and 2025. As it takes centre stage, Morocco becomes an essential part of a league that is rapidly expanding its geographic and commercial presence.
This BAL season will reach fans in 214 countries and territories across 17 languages, thanks to a growing broadcast network that includes the African Union of Broadcasting, ESPN, Canal+, TV5 Monde, Tencent Sports, and digital platforms like the NBA App and the BAL's YouTube channel. Although the BAL has only been in operation for five seasons, the momentum behind it suggests a vision much more significant than a seasonal tournament. With a diverse investor group that includes private equity firms, cultural icons, world leaders, and retired NBA players with African roots, the BAL is establishing itself as one of the continent's most valuable sports assets. Still, early in its development, the BAL presents a unique opportunity for investors looking to capitalize on Africa's demographic growth, sports enthusiasm, and expanding consumer economies. For those involved, the investment is not just in basketball; it's also in infrastructure, identity, and future fan engagement.
Launched in 2021 through a partnership between the NBA and FIBA, the BAL is the first league of its kind outside North America operated by the NBA. It brings together 12 of Africa's premier club teams to compete across various host cities. However, this is just the beginning. From the outset, the BAL was conceived as a long-term growth vehicle—an incubator for franchise teams, broadcast rights, grassroots talent development, and commercially viable sports infrastructure in Africa. To support this vision, the league secured investments from a strategic group of backers including:
KIGALI, RWANDA - MAY 27: Luol Deng and Joakim Noah attend the game between the A.S. Douanes and the ... More Petroleos De Luanda during the 2024 Basketball Africa League Playoffs on May 27, 2024 at BK Arena in Kigali, Rwanda. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2024 NBAE (Photo by Kevin Couliau/NBAE via Getty Images)
These stakeholders bring a powerful blend of financial acumen, cultural relevance, and long-term commitment. Importantly, their early-stage participation reflects a growing belief that the BAL could anchor the continent's sports-to-economy pipeline—a shift that mirrors how leagues like the NBA and EPL became global exports.
While the games themselves generate buzz, the broader economic activity surrounding the BAL may be the most compelling aspect for investors. According to research by Oliver Wyman, major sporting events can act as economic catalysts. They stimulate upgrades to roads, airports, arenas, and hospitality infrastructure, which in turn create jobs, draw tourism, and leave behind assets that serve cities long after the last whistle blows. For cities willing to invest, the BAL offers international visibility, soft power, and direct commercial upside—especially if more African nations follow Rwanda's lead in building sports-focused venues and media zones. As the league expands, investors are likely to explore longer-term real estate plays around sports facilities, athlete academies, mixed-use arenas, and even training and development centres.
KIGALI, RWANDA - MAY 29: An overall view of BK Arena before the game against the Rivers Hoopers ... More Basketball Club and the Al Ahly Ly during the 2024 Basketball Africa League Playoffs on May 29, 2024 at BK Arena in Kigali, Rwanda. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2024 NBAE (Photo by Nacer Talel/NBAE via Getty Images)
At present, the BAL operates a compressed season—12 teams compete in conference rounds before converging for playoffs and the championship. But this could sooner than later evolve into a full-fledged franchise model, where cities and club owners hold long-term rights, and league value is driven by local revenue generation.
This shift will unlock multiple revenue streams:
For investors, this blueprint is familiar. In the NBA and NFL, it's often team equity that drives generational wealth. In the BAL, that future is still in development—but early stakeholders will help shape how it gets distributed.
Houston Rockets Dikembe Mutombo wags his finger after blocking a shot by Phoenix Suns Shaquille ... More O'Neal during the fourth quarter on an NBA basketball game at Toyota Center Friday, April 11, 2008, in Houston. The Rockets beat the Suns 101-90. ( Brett Coomer / Chronicle ) (Photo by Brett Coomer/Houston Chronicle via Getty Images)
Africa has produced some of the NBA's brightest stars: Hakeem Olajuwon, the late Dikembe Mutombo, Pascal Siakam, and Giannis Antetokounmpo. Yet for decades, Africa lacked the league infrastructure to nurture this talent locally. The BAL and FIBA are beginning to change that. With a rising number of academies, talent identification programs like Basketball Without Borders, and Giants of Africa and partnerships with federations and private clubs, a player development economy is emerging. Over time, this could lead to transfer markets, endorsements, and grassroots monetization for local leagues. The BAL becomes the professional pinnacle—but also the centre of an ecosystem that stretches across schools, federations, and sponsors.
For investor-athletes like Joakim Noah and Luol Deng, this is personal. Both have invested in African youth development programs, courts, and national team growth. For institutional investors, it's a bet on a circular economy of content, talent, and identity—one that resonates deeply with African audiences and diaspora communities worldwide.
The BAL is still in its early stages. There are operational challenges, varying levels of government support, and an evolving sports culture that is still taking shape in different regions. However, from an investor's perspective, this is what makes it appealing.
The BAL is a unique opportunity to invest in the foundational layer of an African sports economy with significant growth potential. It's comparable to investing in Major League Soccer (MLS) before David Beckham joined, or in the Premier League before it became a global phenomenon. In five to ten years, the BAL could look vastly different—richer in content, anchored by established franchises, and more integrated into the commercial and cultural fabric of the continent.
Those who invest early won't just have financial interests; they will also play a key role in shaping the narrative of this burgeoning league.