Media company Overtime has selected Atlanta to host its basketball league that will pay teen players over $100,000 a season. The company is also constructing a new building for the games.
Overtime Elite, which will exclusively feature high-school-level players between the ages of 16 and 18, released the rendering of a 103,000-square-foot complex in Atlanta’s Atlantic Station section. It said players will be housed on the campus, which will include personal living space and room for education courses. The project is expected to be complete by OTE’s debut in September.
In a statement announcing the move, Aaron Ryan, OTE commissioner and president, said Atlanta’s “diverse population, vibrant business community and rich culture” stood out in the location search. Overtime estimated the construction project would add 400 jobs in Atlanta and said at least 30 percent of those jobs would be “diverse hires.”
Atlanta mayor Keisha Lance Bottoms said, “This exciting announcement underscores that Atlanta is still a great place to do business. Overtime Elite will bring several well-paying jobs to our city, generate millions of dollars in economic impact and expand mentorship and programming opportunities for our young people. We are pleased that Overtime Elite has chosen Atlanta to be its permanent home, and we look forward to welcoming the next generation of basketball stars to our city.”
Overtime launched OTE in March, and the league allows players to profit from basketball while also permitting them to capitalize on their personal brands via name, image, likeness. OTE plans to offer players education courses, life training, and financial literacy. The league will also pay an additional $100,000 for college expenses should players not pursue the professional route.
Launched in 2016 by William Morris Endeavor executives Dan Porter and Zachary Weiner, Overtime’s revenue comes from two sources. One is indirectly aligning with brands by integrating them into its online media content and making money off video ads. The other is direct revenue via e-commerce.
In April, Overtime raised $80 million from investors, including Jeff Bezos’ investment firm, global entertainer Drake, Reddit co-founder Alexis Ohanian and several National Basketball Association players. To date, the Brooklyn-based company said it raised more than $140 million.
“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory,” said Porter in April. “We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”
Source: Business - cnbc.com
