Jeff Bezos, Drake, NBA Stars Put Money Toward New Basketball League

Some of the world’s biggest celebrities are helping to get a new basketball league off the ground. Jeff Bezos’ investment firm and Drake are just two of the latest investors in Overtime, a social media company that plans to start a league that pays players between the ages of 16 and 18 years old.

Overtime just received $80 million in funding with contributions from the aforementioned celebrities and multiple NBA players. The company says it has raised $140 million in total since being founded in 2016.

“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory,” co-founder and CEO Dan Porter said in a statement. “We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”

Some of that $80 million is expected to go toward salaries for those involved in Overtime Elite, an upstart basketball league that aims to pay its players at least $100,000 per year. The company has 120 employees and said it plans to increase that number to 200.

NBA stars Carmelo Anthony and Kevin Durant have also invested in Overtime Elite. Devin Booker, Trae Young and Klay Thompson were part of the latest round of funding.

Overtime Elite would give the nation’s top NBA prospects a chance to earn a salary playing basketball, which isn’t allowed by the NCAA. High school players who join the league would not be eligible to play college basketball.

Overtime says it has almost 50 million followers on social media. The company distributes sports content across popular platforms like YouTube and Snapchat.

“We’re the leading brand for the next generation of sports fans, reaching them through our social channels, our long-form series, our e-commerce business, and now a sports league,” Overtime co-founder and president Zack Weiner said. “Sports consumption is changing at a rapid pace, and Overtime will continue to be at the forefront.”