The Big3 is set to become the first publicly traded professional sports league in the U.S.
Ice Cube’s Big3 basketball league is making a historic move by preparing to become the first publicly traded professional sports league in the United States. The announcement came on June 12 when the league revealed a deal with Graf Global Corp, a special purpose acquisition company commonly known as a SPAC, that will allow fans and investors to purchase equity in the Big3 directly on the public market.
The league is targeting a valuation of $290 million, with shares expected to trade under the ticker symbol TONT, a nod to the three-on-three format that defines the Big3’s style of play. The public offering is anticipated to take place during the fourth quarter of the year.
Why this deal is unlike anything in professional sports
What makes the Big3’s move to the public markets particularly significant is what it represents for sports fans as investors. Publicly traded professional sports leagues are essentially uncharted territory in the United States, where team ownership has historically been limited to billionaires and institutional investors. By opening up equity ownership to everyday fans through the stock market, the Big3 is attempting to close the gap between the people who love a league and those who financially benefit from its growth.
Jeff Kwatinetz, co-founder of the Big3, acknowledged that everything is coming together for the league at this particular moment. James Graf, CEO of Graf Global Corp, pointed out that opportunities for public market investors to own equity directly in professional sports leagues or teams are extremely rare, framing the deal as a potentially significant opening for a new category of sports investment.
The timing is also notable given the rapidly rising valuations of sports franchises across all major leagues and the continued growth of sports advertising revenue, both of which could support the Big3’s long-term upside as a publicly traded entity.
Big3 season 9 is right around the corner
While the financial milestone is grabbing headlines, the Big3 is also preparing to tip off its ninth season, with opening day set for June 20 in Los Angeles. Four matchups are scheduled to launch the new season:
- Detroit Amps vs. DMV Trilogy
- LA Riot vs. Miami 305
- Houston Rig Hands vs. Chicago Triplets
- Dallas Power vs. Boston Ball Hogs
The league has been steadily building its footprint since its founding, including a significant milestone two years ago when it completed the sale of its first team in a $10 million transaction with investment firm DCB Sports, establishing a Los Angeles-based franchise and signaling a shift toward a more traditional franchise ownership model.
Ice Cube’s long game for Big3
Ice Cube co-founded the Big3 with the vision of creating a league that connects basketball to culture and community in ways that traditional professional leagues have not always prioritized. The push to go public is an extension of that philosophy, designed to give fans a tangible stake in the league’s success beyond simply cheering from the stands.
The league has emphasized its desire to plant roots in the cities it operates in rather than functioning as a touring exhibition. Going public adds another layer to that commitment, creating a financial relationship between the league and the communities that support it.
With season nine on the horizon and a landmark stock market debut expected later this year, the Big3 is entering what could be its most consequential chapter yet.
Source: Complex / Business Wire