Former U.S. President Barack Obama has acquired a stake in the NBA’s Africa business through his foundation, the NBA said Tuesday.
It’s the latest financial power move from Obama, who has transitioned into a second-act of fame post-presidency, similarly to ex-President Bill Clinton.
It’s time to cash in.
The onetime state Senator from Chicago has found his way into a string of high-profile business deals and other purchases to the tune of hefty price tags.
Back in December, he and Michelle Obama grabbed headlines for their purchase of a nearly $12 million Martha’s Vineyard mansion, where reports say he plans to host a major 60th birthday bash.
Obama in the past also teamed up with Bruce Springsteen to start their “Renegades: Born in the USA” podcast series, which will be turned into a book.
In 2018, he and Ms. Obama inked a major Netflix deal to produce documentaries and other projects.
And mixed throughout his post-presidential career has been a slew of international trips as an esteemed guest, with current world leaders such as Canada’ Justin Trudeau, Germany’s Angela Merkel, and France’s Emmanuel Macron.
Clinton 2.0?
In a way. While former Presidents George W. Bush and Jimmy Carter become quiet background figures, Obama and Clinton have both worked to build a substantial fortune in their post-presidential life.
In all fairness, Obama isn’t nearly the jetsetter Clinton proved to be. Still, the comparisons are there to be made and this may only be the beginning.
Now, the 44th president is getting his hands on a piece of the NBA.
Obama will have a minority equity stake in NBA Africa, a new entity set up this year to run all the league’s business on the continent.
The NBA said Obama would use profits from his stake to fund the Obama Foundation’s youth and leadership programs in Africa.
Obama has been linked to the NBA’s Africa operations since 2019, although it wasn’t clear until Tuesday exactly what his involvement would be. The NBA didn’t disclose any financials.
NBA Africa and world body FIBA combined to set up a pro basketball league in Africa. The Basketball Africa League held its inaugural season in May after being delayed for a year by the coronavirus pandemic. It featured the top teams from 12 African countries.
The Associated Press contributed to this article