Here is how Ice Cube’s Big3 basketball league sold its first team in $10 million deal

In October 2022, Ice Cube became a certified professional sports league owner. This was after ByBlack and the U.S. Black Chambers officially acknowledged Big 3 as a Black-owned and operated business.

The fast-rising basketball league was launched by Ice Cube and Jeff Kwatinetz in 2017. The league ended its fifth season in 2022, and it recently started selling franchise stakes that are ownership-like. The stakes are being sold through blockchain technology and popular team owners include Snoop Dogg and Ken Howery, Gary Vaynerchuk, and DeGods.

“Myself and the entire league are honored to be officially certified by ByBlack and the US Black Chambers. From day one, the league has been dedicated to providing opportunities for Black players, fans, investors, and partners, and we are proud to be a part of a nationwide network of Black business owners,” Ice Cube said about the certification.

“Supporting Black enterprise is a lifelong passion of mine and the BIG3 will continue to build upon its successes and lift up other Black entrepreneurs.”

Big3 said that though many people have purchased huge stakes in individual franchises, “there are no professional sports leagues with operational structures resembling the BIG3 and its Ice Cube-led group of equity partners.”

The statement added: “The main reason for this is simple — nearly all sports leagues are consortiums in which individual franchise owners hold an equal portion in the league itself. This is the prevailing model we see in the NFL, NBA, MLB, and NHL.”

Fast forward to 2024, and Ice Cube’s Big3 basketball league just sold its first team in a $10 million deal. As per Bloomberg, an investment firm named DCB Sports reached an agreement with Big3 that will give them a team based in Los Angeles.

The deal comes on the heels of Big3’s announcement that it would move away from its touring method and toward a city-based format. Following the announcement in May, all 12 Big3 teams are on sale.

“We need to plant our roots in cities so we can be more than a rolling all-star game coming through,” Ice Cube said in a statement. “It’s really about growing the sport and the league.”

The league owned and ran all Big3 teams. The owners of four additional teams will be named in June, the league said recently. By the summer of 2025, the league wants London and Toronto to have teams and all teams to have owners.

Also, Big 3 wants to expand to include 16 teams in 2025 under a new city-centric format, which will allow games to be played in arenas of home markets, and teams will get to develop their fanbases.