Ayrton Oneill
Big3, the 3-on-3 basketball league, has indeed put its franchises up for sale. Founded by hip-hop musician and actor Ice Cube, the league has expanded from eight to twelve teams since its inception in 2017. In May 2024, Big3 sold its first team for $10 million to a group led by investment firm DCB Sports, marking a transition to a city-centric model. As of July 2024, three more franchises have been sold to investors in Miami, Los Angeles, and Houston, with the Detroit team being the latest acquisition by GameAbove Sports. Each franchise has been sold for approximately $10 million, totalling $30 million in sales for the league. The new ownership model aims to engage local markets and bring in sports expertise, with the ultimate goal of 16 franchises representing specific cities by the 2025 season.
| Characteristics | Values |
|---|---|
| Number of franchises sold | 4 |
| Price per franchise | $10 million |
| Total amount raised | $30 million |
| Franchise locations | Miami, Los Angeles, Detroit, Houston |
| Franchise owners | GameAbove Sports, Heath Freeman, Eric Mullins, Milton Carroll |
| League format | 3-on-3 basketball |
| Number of teams | 12 |
| League founder | Ice Cube, Jeff Kwatinetz |
| League commissioner | Clyde Drexler |
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What You'll Learn
BIG3 sells its first team for \$10 million
BIG3, the 3-on-3 basketball league co-founded by hip-hop star Ice Cube and entertainment executive Jeff Kwatinetz in 2017, has sold its first team for $10 million. The league, which features All-Stars, Hall of Famers, and World Champions, has cultivated one of the most diverse and engaged fanbases across all five major sports.
The first team was purchased by a consortium of investors led by DCB Sports, which also has investments in other sports leagues. The team will be based in Los Angeles and will debut in season eight in 2025. This sale marks the first time a BIG3 team will represent a home market, as previously the league travelled to different cities each week and teams were not associated with specific markets.
BIG3 has put all 12 of its teams up for sale and plans to transition to a city-centric model. The league intends to announce four new ownership groups by the start of the season in June 2024 and aims to have all teams sold by the summer of 2025. In addition to Los Angeles, other announced home markets include Toronto, London, Miami, Detroit, and Houston.
Ice Cube and Kwatinetz remain in charge of the league as a whole but have expressed their comfort in handing off the reins to new owners. They sought out club owners with sports expertise as a way to further engage local markets and add more people with sports expertise to the league. This new ownership model will go into effect for the 2025 season, which will be the eighth season of BIG3.
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Four franchises sold in total
The BIG3, a 3-on-3 basketball league co-founded by hip-hop star and actor Ice Cube, has sold four of its franchises. These franchises are based in Miami, Los Angeles, Detroit, and Houston. Each of these clubs was sold for approximately $10 million. The BIG3 is transitioning from a touring league to a city-centric model, and has put all 12 of its teams up for sale. The league plans to make London and Toronto home cities for its teams.
The rights to the Los Angeles franchise were purchased by a consortium of investors led by DCB Sports, which has also invested in TGL San Francisco, a new golf league founded by Tiger Woods and Rory McIlroy. The Miami franchise is led by Heath Freeman, a media, sports, real estate, and hospitality executive. Eric Mullins, a former wide receiver for the Houston Oilers, and Milton Carroll, who holds a minority stake in the Houston Astros, are the co-owners of the Houston franchise.
The most recent BIG3 franchise deal, the Detroit one, was acquired by GameAbove Sports, a sports-focused business development and strategic investment entity. The ownership group is led by founder and chairman Keith J. Stone and includes investment by former Detroit Lions lineman T.J. Lang and NBA Hall of Famer George Gervin. Ice Cube, the BIG3's CEO and co-founder, expressed his enthusiasm about the sale of the Detroit team to this group of investors, entrepreneurs, and philanthropists.
The BIG3 is the pioneer of the global professional 3-on-3 game, and the league's momentum and influence continue to grow each year. The league consists of 12 teams with rosters that include former NBA players and international players. The rules of BIG3 games deviate from the official rules of 3-on-3 basketball administered by FIBA.
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Los Angeles, Miami, Detroit and Houston
The BIG3 is a 3-on-3 basketball league founded by hip-hop musician and actor Ice Cube and entertainment executive Jeff Kwatinetz. The league consists of 12 teams, including former NBA players and international players, and features All-Stars, Hall of Famers, and World Champions. The BIG3 has seen tremendous growth and global traction, with millions of fans across linear, streaming, and digital platforms.
Los Angeles
The BIG3 sold the rights to its first-ever location-based franchise in Los Angeles to an ownership group led by DCB Sports for $10 million. The team will play its home games in Los Angeles starting in 2025, marking a shift from the league's previous model of travelling from city to city. DCB Sports' managing partner, Gary LaDrido, expressed his excitement about the league's dynamic nature and its global appeal.
Miami
Following the LA deal, BIG3 announced the sale of the rights to a second location-based franchise in Miami to a group of investors led by Heath Freeman for $10 million. Freeman, with the support of Miami Mayor Francis Suarez, will take ownership of the team for the 2025 season. The Miami franchise will add to South Florida's winning sports pedigree and bring the excitement of BIG3 to the city's fans.
Detroit
GameAbove Sports, a company focused on sports business development and strategic investment, acquired the rights to the fourth founding BIG3 expansion team. The company plans to bring a BIG3 franchise to Detroit, aligning with its existing presence in the region. The team is expected to debut in the 2025 season, joining the league's nationwide tour and expanding its reach to Detroit's sports-rich market.
Houston
While there is no specific information in the search results about a BIG3 franchise in Houston, it was mentioned alongside Los Angeles and Miami as one of the cities for which franchise rights were purchased earlier in the year. It is safe to assume that Houston will also be among the locations for the BIG3 league in the upcoming seasons, joining the ranks of cities with BIG3 franchises.
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Ice Cube sells ownership
Ice Cube, the hip-hop star and co-founder of the BIG3 basketball league, has sold four of his franchises for about $10 million each. The four franchises are located in Miami, Los Angeles, Detroit, and Houston. The Detroit franchise was purchased by GameAbove Sports, a sports-focused business development entity backed by CapStone Holdings Inc. The Los Angeles franchise was purchased by a consortium of investors led by DCB Sports. The Miami franchise is led by Heath Freeman, and the Houston franchise is co-owned by Milton Carroll and former NFL player Mullins.
Ice Cube and his co-founder, entertainment executive Jeff Kwatinetz, remain in charge of the league as a whole but have decided to sell some franchises to local owners as a way to further engage the local markets and add more people with sports expertise. This decision marks a transition for the league, which previously travelled to different cities each week and did not associate teams with home markets. Now, the BIG3 is transitioning to a city-centric model, with teams based in specific cities and representing home markets.
Ice Cube shared his thoughts on the decision to sell the franchises, saying that they wanted to ensure everything was perfect before turning the league over to owners. He also expressed his confidence in the new owners, stating that they sought out dedicated individuals with a passion for the game rather than simply those with financial means. Ice Cube believes that this shift will help the league grow exponentially and unlock its fan-base potential by connecting to cities and engaging local communities.
The BIG3 basketball league was co-founded by Ice Cube and Jeff Kwatinetz in 2017. It started with eight teams and has since expanded to 12 teams, featuring All-Stars, Hall of Famers, and World Champions. The league plays the professional sport FIREBALL3, an improved version of traditional 3-on-3 basketball. With the recent franchise sales and transition to a city-centric model, the BIG3 league is undergoing significant growth and development.
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Plans to expand to 16 franchises
The BIG3, a 3-on-3 basketball league, was founded by hip-hop musician and actor Ice Cube and entertainment executive Jeff Kwatinetz in 2017. The league initially featured eight teams and expanded to twelve in 2019.
In 2024, BIG3 began transitioning from a touring league to a city-centric model, selling its first franchise for $10 million to a group of investors led by DCB Sports, with the team set to be based in Los Angeles. The league has put all twelve of its teams up for sale and plans to expand to sixteen franchises as soon as 2025.
The shift to a city-based model aims to establish roots in cities and foster a deeper connection with local markets. BIG3 CEO Ice Cube announced the plans, stating, "We need to plant our roots in cities so we can be more than a rolling all-star game coming through. It’s really about growing the sport and the league."
As of 2024, BIG3 has sold four franchises located in Miami, Los Angeles, Detroit, and Houston. The league plans to announce four new ownership groups by the start of the 2024 season in June and aims to have all teams sold by the summer of 2025 to kick off the new format.
BIG3 co-founder Jeff Kwatinetz has expressed their intention to cultivate an ownership group that attracts the best sports owners worldwide. Each of the new ownership groups has a sports background, bringing a wealth of expertise and a passion for the game. The league's expansion to sixteen franchises is part of its strategy to grow the sport and establish a stronger presence in cities across the United States and internationally.
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Frequently asked questions
Yes, Big3 basketball has franchises for sale.
All 12 teams are up for sale.
Each franchise is being sold for about $10 million.
As of July 2024, four franchises have been sold to groups of investors in Miami, Los Angeles, Detroit, and Houston.
The co-founders, Ice Cube and Jeff Kwatinetz, want to further engage local markets and add more people with sports expertise.
