Key Takeaways
- • BIG3, Ice Cube's professional 3-on-3 basketball league, is going public via a $290 million SPAC merger with Graf Global Corp., as announced Friday, June 12, 2026.
- • Legal counsel Ellenoff Grossman & Schole LLP (BIG3's adviser) and White & Case LLP (Graf Global's counsel) are structuring the transaction.
- • The deal represents a significant capital raise for the alternative sports league, positioning it for expansion and operational scaling in the competitive professional basketball sector.
- • SPAC mergers remain an active path to public markets for sports and entertainment ventures, offering faster listing timelines than traditional IPO processes.
Summary
BIG3, the professional 3-on-3 basketball league founded by Ice Cube, announced Friday that it will merge with special purpose acquisition company Graf Global Corp. in a transaction valuing the league at $290 million. The deal, disclosed on June 12, 2026, marks a significant milestone for the alternative sports franchise as it transitions to public company status.
Legal counsel for both parties is guiding the merger process. Ellenoff Grossman & Schole LLP serves as BIG3's legal adviser, while White & Case LLP represents Graf Global Corp. The involvement of these established law firms signals a professionally structured transaction with institutional backing and oversight.
The $290 million valuation underscores investor appetite for alternative sports properties and entertainment-adjacent ventures. SPAC mergers have become a preferred vehicle for sports leagues and media companies seeking rapid public market access without the extended timelines and regulatory scrutiny of traditional initial public offerings. For BIG3, the capital infusion provides resources for league expansion, player compensation, broadcasting partnerships, and operational infrastructure development.
The transaction exemplifies broader trends in sports industry financing, where investors seek exposure to growing entertainment segments outside traditional professional sports. BIG3's 3-on-3 format appeals to younger demographics and offers lower operational overhead compared to full-court basketball, creating a distinct market positioning within professional sports.
Legal counsel for both parties is guiding the merger process. Ellenoff Grossman & Schole LLP serves as BIG3's legal adviser, while White & Case LLP represents Graf Global Corp. The involvement of these established law firms signals a professionally structured transaction with institutional backing and oversight.
The $290 million valuation underscores investor appetite for alternative sports properties and entertainment-adjacent ventures. SPAC mergers have become a preferred vehicle for sports leagues and media companies seeking rapid public market access without the extended timelines and regulatory scrutiny of traditional initial public offerings. For BIG3, the capital infusion provides resources for league expansion, player compensation, broadcasting partnerships, and operational infrastructure development.
The transaction exemplifies broader trends in sports industry financing, where investors seek exposure to growing entertainment segments outside traditional professional sports. BIG3's 3-on-3 format appeals to younger demographics and offers lower operational overhead compared to full-court basketball, creating a distinct market positioning within professional sports.
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