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(Bloomberg) — Ice Cube’s 3-on-3 basketball league, the Big3, has sold its third team ahead of a change in format next season.
The new Houston-based team is being acquired by a pair of energy executives in a deal worth $10 million, according to a person familiar with the matter. The investors are Eric Mullins, a former Goldman Sachs executive who now runs oil and gas-focused private equity firm Lime Rock Resources, and Milton Carroll, the former chairman of CenterPoint Energy Inc. and minority owner of Major League Baseball’s Houston Astros.
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The league is looking to add new ownership groups as it transitions to a model in which squads are based in home cities. Previously, all Big3 teams played in different cities on a weekly basis, with none being associated with a specific market.
The Big3 owned all of its teams when it formed in 2017. It has since put all 12 squads on sale, with outside investors acquiring the teams in Los Angeles and Miami. The league is also considering expanding to 16 franchises.
Ice Cube, Big3’s co-founder, said in a statement that Texas has been a loyal market for the Big3 since its inception. The league has also considered London and Toronto for expansion.
The 3-on-3 version of basketball will get international attention this summer when it’s played at the Summer Olympics in Paris, which start in late July. The Big3, however, uses a different set of rules than the Olympic version.
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