Ice Cube's BIG3 Basketball League to Go Public with $290 Million Valuation
Ice Cube's three-on-three basketball league, BIG3, is set to become the first publicly traded sports league in the United States. The move follows a deal with special purpose acquisition company Graf Global Corp., which aims for a $290 million valuation for the league. This initiative will allow fans to purchase stock in the company, with shares expected to trade on the New York Stock Exchange under the ticker "TONT" by the fourth quarter of this year.
The BIG3, the three-on-three basketball league co-founded by Ice Cube, announced plans to go public, making it the first publicly traded U.S. professional sports league.
This development comes after a deal with Graf Global Corp., a special purpose acquisition company. The acquisition targets a $290 million valuation for the BIG3. Ice Cube, CEO of the BIG3, expressed excitement about the league's new direction, stating it would elevate the league to a larger platform, enhance its international potential, and allow fans to participate in its growth and success.
Stock in the company is expected to be available for purchase by the fourth quarter of this year. The BIG3 will trade on the New York Stock Exchange under the ticker symbol "TONT," an abbreviation for three-on-three.
Launched in 2017, the BIG3 is preparing for its ninth season, which is scheduled to begin on June 20. The league currently comprises eight teams, which are based in various U.S. cities including Houston, Chicago, Los Angeles, Miami, Detroit, Boston, Dallas, and the DMV area.
Ice Cube also discussed plans for expansion, indicating a desire to grow the league from its current eight teams to 12, 16, or even 20 teams to broaden its footprint. He emphasized his track record as an artist, actor, and entrepreneur when discussing the league's potential.
According to Billboard, Ice Cube made these announcements on Friday, June 12.
