East Asia Super League secured US$40 Million in Series C funding from Crest Sports and Entertainment as it seeks recognition among the best basketball leagues around.
Matt Beyer, the league’s CEO, stated that the latest cash injection fell short of expectations by US$10,000,000, but he remains “very bullish” about the future outlook for the organization, despite the grim economic situation.
“There’s a lot of interest right now from family offices, sports funds, and also media companies that want to have an interest in our company and also potentially procure rights going forward,” said Beyer.
Crest, which is based in Australia, and headed by Jared Novelly (US businessman), will invest some of its own money and work with EASL for additional capital. The league is looking to close its latest round of financing when its Champions Week event will be held in Japan.
Novelly stated that East Asia Super League had created an “unrivaled brand” in a very short time.
“Our leadership in this round reflects our confidence in the incredible growth opportunities associated with top-quality basketball media entertainment in Greater China, Japan, Korea, the Philippines and beyond, including the opportunity to bring the best Asian basketball to the world,” he said.
Crest joins existing investors The Raine Group and Henry Kerins (league co-founders), and a group of high-profile basketball players, coaches, and legends. After the new round of funding, the co-founders Raine and Crest will be the largest shareholders.
Funds earmarked to cover operational costs provide a buffer against any negative surprises on the commercial side. Although the league is currently selling media rights and sponsorship rights, it expects to be able to pay its operational costs using commercial revenues.
EASL is focused on Asia, but Crest’s investment could also open the door to Australia. To develop Asia-Pacific talent, the company will create an EASL-branded basketball school.
A number of the region’s most prestigious leagues have signed up for teams, including Taiwan’s PBA, Japan’s B.League, and Korea’s K League. China’s CBA will be allowed to join teams after Covid-related travel restrictions have been lifted. India has come up in conversation, but is not being pursued at this time.
In its inaugural season, the EASL will feature eight teams from participating leagues. It will be played in a series of home-and-away fixtures. For the 2024-25 season, 16 additional teams are planned, including CBA teams.
The future of basketball and also alternative sports leagues are looking bright with this East Asia Super League development.
Champions Week, a special competition held in Japan in March will precede the first season. It will take place in Utsunomiya on March 1-5, and will include eight teams who were originally scheduled to compete in the 2022-23 postponed season.
East Asia Super League – an Asian professional basketball league.
