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Tracy McGrady’s new business venture aims to bring a refreshing new addition to basketball.
CNBC reports that the NBA legend is investing $10 million into Ones Basketball League (OBL) — his one-on-one basketball startup.
The self-funded company is a new league in town that tours seven cities from April to July, where players are paired in one-on-one games, according to the outlet. During the Memorial Day weekend, OBL made its New York debut.
“I’ve always invested in other people’s ideas and other people’s vision,” McGrady shared, according to CNBC. “Not once did I ever trust mine. I didn’t have the confidence to think mine was good enough. I didn’t trust my ideas or decision-making when it came to my vision.”
He added: “This is the first time I actually trusted and believed that I can pull this off.”
Where The Funding Is Going
A portion of McGrady’s $10 million investment is for OBL’s championship prize of $250,000. For the league’s regional games, the winning players receive $10,000. Per the outlet, the top three players from the games will have the opportunity to hoop for the prize fund.
As of now, McGrady and his business partner Jeff Pollack aren’t seeking outside investors just yet. In Pollack’s words, “we want to make sure that we understand clearly what this should be, and then we’ll plan how to grow it.”
The Future Of OBL
With OBL having a focus on Gen Z, it may become a new competitor for Overtime.
As previously reported by AfroTech, the company launched Overtime Elite (OTE) — a three-team Atlanta-based league turning teen hoopers into six-figure earners and future NBA stars. OBL is still new in the game, but it has already been able to secure a digital distribution deal with the Paramount-owned Showtime network. Within the partnership, the network will air OBL content and cross-promotion on its YouTube channel for split advertisement revenue.