Investors seek $5 billion to form basketball league to rival NBA

A group of investors advised by Maverick CarterLos Angeles Lakers star LeBron James‘ business partner is seeking to raise $5 billion from private capital sources to form an international basketball league to rival the National Basketball Association, according to people familiar with the matter.

UBS Group AG and Evercore Inc. has been tapped to help raise the money, which can come from wealthy individuals and institutional investors such as sovereign wealth funds, according to the people, who asked not to be identified because the information is private.