By Sahil Patel
Overtime Sports Inc., which targets younger fans on digital and social platforms, has raised $80 million in funding to pursue plans including the launch of its own high-school basketball league, the company said. The sports media and entertainment venture also hopes to tap the broader interest in nonfungible tokens and sports betting.
Amazon.com Inc. founder Jeff Bezos, the rapper Drake and Reddit Inc. co-founder Alexis Ohanian are among the investors of the Series C round, which was led by Sapphire Sport and Black Capital. Morgan Stanley Counterpoint Global, Pelion Capital, Blackstone Strategic Partners and more than 25 current and former N.B.A. stars, including Devin Booker and Pau Gasol, also contributed.
Overtime is now valued at more than $250 million, according to people familiar with the matter.
The company in September plans to introduce its basketball league featuring top male high-school players, called Overtime Elite. The league will also function as a high school for roughly 30 rising juniors and seniors, who will all live in one location and earn a minimum annual salary of $100,000 as they play and take classes toward a high school diploma, according to the company. They will also be able to earn money from their likenesses in marketing deals, and receive professional training in areas such as financial literacy and media training.
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