Tracy McGrady bets millions on one-on-one basketball startup OBL

Tracy McGrady

Source: Ones Basketball League

This time, Tracy McGrady trusts his idea.

Inducted into the Basketball Hall of Fame funded a real estate project, he supported sports, Entertainment Agency, And commit Cryptocurrency partnership in front of Sector lost billions valuable. McGrady is currently investing in his company, the Ones Basketball League (OBL), which will premiere in New York this weekend.

“I’ve always invested in other people’s ideas and other people’s visions,” McGrady told CNBC in an interview. “I never trusted myself. I wasn’t confident that I was good enough. I didn’t trust my thoughts and decisions when it came to my vision.”

“This is the first time I really trust and believe I can pull it off,” he added.

McGrady, 43, is self-funding OBL, a league over the age of 18 that travels through seven cities from April to July. Pair players in a classic one-on-one game of playground basketball. Draw the Big 3 League of Ice Cube. However, there are few players and no former NBA star.

McGrady will pay just under $ 10 million, including the final OBL champion’s $ 250,000 prize pool. He’s been a longtime sports executive and has worked with Jeff Pollack, the former president of the XFL, to help run the game. Pollack states that league-related costs are “insignificant” for now.

“That means you have the opportunity to grow this business and do it in a way that is initially quite economically advantageous,” Pollack said.

McGrady wants to attract a large audience of Gen Z born after 1997., He believes media and sponsorship fees will continue.

Actions during OBL games

Source: Ones Basketball League

Although OBL is the first in the minor league sports scene, it points out other amateur leagues that attract niche viewers on the network, such as cornholes and bowling, and believes that OBL can do the same.

“Don’t underestimate what ESPN is doing in their programming, which is even more interesting,” McGrady told CNBC earlier this week at the Standard Hotel in Manhattan.

OBL has already found prominent media supporters.It signed a digital distribution contract Paramount-Owned Showtime network. This allows the network to view OBL content and cross-promote on YouTube channels.

The terms of the agreement have not been disclosed, but OBL has confirmed that it will split advertising revenue.

McGrady gets the key

Drafted by the Toronto Raptors in 1997, McGrady played for 16 seasons in the NBA, including a long stretch with the Houston Rockets, and earned more than $ 160 million. Spotrac, A website that tracks sports contracts. McGrady’s revenue includes a $ 92 million transaction with Orlando Magic in 2000. His last NBA season was 2011-12.

He compared OBL to his stint in Magic. It lasted only four seasons, but it was the beginning of seven straight all-star appearances and the transition to McGrady’s “common name” in the NBA.

“I finally handed over the key and made it bloom. [All-Star] “Player,” said McGrady.And i didn’t see [OBL] This is it”

Start OBL During February.. The league will play regional games featuring 32 players in seven cities, including New York and Los Angeles. Players who win regional games will earn $ 10,000. The top three players in the game can compete for a larger $ 250,000 payment.

Orlando Magic Guard Tracy McGrady (1) slammed the ball over Washington Wizards’ Guard Rod Strickland on October 31, 2000, during the second period of the game at Orlando’s TD Waterhouse Center. ..

Tony Lanze | AFP | Getty Images

McGrady praised his two teenage sons for stimulating his interest in one-on-one basketball. They haven’t actually seen a live NBA or NCAA match, he said. “What they see: YouTube, short content, highlights,” McGrady added.

McGrady is not naive about startups. He expects OBL to run into problems and initially be unprofitable. McGrady and Pollack did not discuss details about OBL’s revenue plans, but are expected to ultimately benefit from licensing agreements, sponsorships and tickets, and potential sponsors’ return on investment. Helps to enhance.

“It will come from the audience we will eventually reach and be involved in,” Pollack said. “There is still a long way to go.”

He added that OBL will eventually look for an investor, but at this stage, “make sure you have a clear understanding of what this should be, and then plan how to grow it. I added.

OBL is joining the crowded world of sports media.Competitors include Drake-and Jeff Bezos-Support media company overtime.. This media company operates Overtime Elite (OTE). Pay $ 100,000 to high school students The established Gen Z are:

Macroeconomic concerns, including inflation, threaten early growth. Asked about these factors, Pollack suggested that OBL has been playing a long game.

“We are in a difficult economic situation and can get worse,” Pollack said. “But we’re going to get out of it someday, and what we’ve all seen in the last few years is that consumers’ desire for sports content has never been tired.”

If OBL attracts a target audience to watch sports content on social media, McGrady plans to grow the company globally.

“I have the right team to make that happen,” he said. “I think I’ve identified a very interesting model.”

Tracy McGrady bets millions on one-on-one basketball startup OBL

Source link Tracy McGrady bets millions on one-on-one basketball startup OBL

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