Investors Seek $5 Billion to Form Basketball League to Rival NBA

A group of investors being 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. have been tapped to help raise the money, which may come from wealthy individuals and institutional investors such as sovereign wealth funds, according to people who asked to not be identified as the information is private.