Ice Cube's Big3 basketball league is set to go public through a reverse merger with Graf Global Corp, a transaction that values the league at $290 million and will list the combined entity under the ticker "TONT". The deal marks the first time a professional sports league has taken this step, positioning it alongside a wave of private‑equity interest in sports assets.
Co‑founders O’Shea Jackson and Jeff Kwatinetz launched Big3 in 2017 with the aim of reshaping how fans experience basketball. In a recent statement, Ice Cube said that going public is the next logical step to accelerate the league’s international potential and deepen fan engagement. Kwatinetz added that the move democratizes ownership in sports, allowing a broader base of investors to share in the league’s growth.
A New Era for 3‑on‑3 Basketball
The merger comes at a time when the sports‑valuation landscape is shifting dramatically. The Los Angeles Lakers, for example, have seen their worth nearly double from $5.5 billion in 2021 to $10 billion, reflecting a broader trend of private‑equity firms and sovereign wealth funds acquiring stakes in top teams. Big3 hopes to capture a slice of that momentum by leveraging media‑rights deals, sponsorships and its expanding global footprint.
James Graf, chief executive of Graf Global Corp, expressed confidence that Ice Cube and Kwatinetz’s vision will translate into sustainable growth. "We see tremendous upside in the league’s ability to monetize media rights, expand internationally and attract new sponsorships," Graf said. The league already commands an average of 550,000 viewers on CBS and features former NBA champion Dwight Howard, giving it a solid platform for further expansion.
Big3’s growth strategy includes launching a regional series in Asia and ultimately building a global World Cup of 3‑on‑3 competition. To fund the reverse merger, the company will need at least $50 million in net cash and has arranged backup financing to guard against high redemption rates. The transaction is expected to close in the fourth quarter, after which the league will be publicly listed and poised to pursue its next phase of development.