Overtime’s New Basketball League Receives $80M In Funding

In light of recent criticism towards the NCAA, popular online brand Overtime announced a plan to debut their own basketball league. 

This new league, called Overtime Elite, would offer prospects an alternative path to eventually play pro basketball. Overtime Elite has now raised over $80M in funding from names including Drake, Jeff Bezos, Kevin Durant, and Trae Young.

Under current NCAA policy, ongoing athletes and competitors are recognized as “amateurs” and thereby cannot make money off their name. Though they compete on national TV for millions worldwide, college athletes receive no compensation from the team they play for.

That’s what makes Overtime Elite so unique. In this new league for athletes between the ages of 16-18, everyone on a team receives a minimum of $100,000 per year. 

Overtime Elite comes from Overtime, an internet social media collective of pages that produce 1.7 billion monthly views. In total, they scale to nearly 50 million followers. This league may be the best path into professional leagues like the NBA for those who feel cheated by the NCAA’s rules. 

 As such, we may see some top prospects soon de-committing from prestigious college schools and choosing to attend the teams sponsored by Overtime Elite. 

The only hindrance seems to be creating credibility. Until they can develop a reputation of talent that matches the NCAA, players trying to go through Overtime Elite into the NBA may face disadvantages if the league isn’t regarded as legitimate. 

However, recent funding is likely to evaporate that potential lack of credibility as some of the world’s biggest names are investing in the new league. 

This includes Jeff Bezos, the world’s richest person. Bezos has a net worth of nearly $200B, making his investments a hot topic. His investment into Overtime Elite came from Bezos Expeditions, his personal investment outlet.

The league is expected to begin with around 30 athletes and will likely debut around September. 

More importantly, Overtime Elite intends on making sure that everyone is set up for a successful future. If they choose to leave basketball for another work area, an additional $100,000 will be provided for their college tuition.