Future Planning: NBL Sells Stake To Sportsworld Media Group

Australia's National Basketball League (NBL) owners have sold a 15% share of the league to U.K.-based Sportsworld Media Group (SMG) for US$1.86M, according to the Australian AP, which noted the deal "should secure the league's financial future." Under the ten-year deal, SMG will head the NBL's marketing, promotion, sponsorship and media rights. While the NBL has yet to secure naming rights to the '01-02 season, league execs said that the SMG deal "would provide a more secure future than previous arrangements with" former naming rights sponsor Mitsubishi Motors. The AAP added SMG has been involved in sports such as snowboarding, windsurfing and surfing (AAP, 8/18).