Ice Cube’s BIG3 league has sold its first franchise for a stunning $10 million, as the BIG3 hopes to expand.
On Friday (May 10), it was revealed that a company formed by investment firm DCB Sports had purchased a BIG3 franchise located in Los Angeles, signaling a watershed moment for the basketball league.
The eight-figure purchase comes as the BIG3 seeks to transition from a nomadic format to one in which each team is based in its own city, complete with its own home arena, a move Cube hopes would boost the league’s respective fanbases.
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“We need to plant our roots in cities so we can be more than a rolling all-star game coming through,” the Hip-Hop legend remarked during an interview. “It’s really about growing the sport and the league.”
Cube continued, “We can establish roots in these cities. It’s nice to come through with something like a rolling All-Star tournament. However, linking to cities allows you to fully realize the potential of your fan base.
In addition to the Los Angeles franchise, the BIG3 intends to obtain four new ownership groups by the start of the 2024 BIG3 season in June, and to sell all 12 of its existing clubs by the 2025 BIG3 season.
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BIG3 cofounder Jeff Kwatinetz saw the league’s model transition as a chance to engage in more grassroots activities in local communities while also strengthening links inside the locations where their teams play.
“We do things in the cities when we go there,” Kwatinetz said of the BIG3’s projects during each season since its inception in 2017. “We do the Young 3 and attempt to get involved in a variety of youth organizations and charities. The truth is that you can only do so much when you drop in a city for four days, as opposed to having a team anchored there.”
Gary LaDrido, DCB Sports Managing Partner, cited 3-on-3 basketball’s introduction as an Olympic event at the 2020 Tokyo Games in 2021 as a motivator for his group’s acquisition of the Los Angeles BIG3 franchise.
“We see it as an interesting property,” LaDrido remarked at the announcement of the sale. “Grabbing the LA market is super cool — and for Ice Cube to trust us to usher that in.”
The 2024 BIG3 season will begin on June 15 in Oakland, California.
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