When the founders of Project B—the working title for a stealth global women’s basketball league backed by former Skype co-founder Geoff Prentice and ex-Facebook executive Grady Burnett promised players multimillion-dollar salaries, equity stakes, and “tech-like returns,” the initial reaction across the sports world was disbelief.
But when the league began signing major names including Nneka Ogwumike, Jonquel Jones, Alyssa Thomas, Jewell Lloyd, Kamilla Cardoso, Janelle Salaun, and China’s Li Meng all reportedly on equity-laden contracts, the conversation changed.
What was once a bold idea quickly evolved into a genuine competitive threat to the WNBA, EuroLeague Women, and domestic leagues across Asia.
It has now raised a host of significant legal questions that cut across antitrust, labor law, securities regulation, foreign investment scrutiny, cross-border employment law, and global sports governance.
As women’s basketball experiences unprecedented commercial and cultural momentum, Project B is positioning itself as the first genuinely global, high-paying competitor.
But its arrival introduces an unusually complex legal landscape, one that could reshape the structure of women’s professional basketball for decades.
A League Built for Disruption and Governance Risk
Project B is designed to operate unlike any existing league. It plans to run seven two-week tournaments across Europe, Asia, and the Americas.
Players receive guaranteed multimillion-dollar compensation packages and equity components. The league is funded by a Silicon Valley-style investor group reportedly aiming to raise $5 billion, according to Bloomberg.
However, raising $5 billion creates an expectation of world-class governance. Investors will expect transparent accounting systems, strict compliance with international anti-money laundering standards, and a credible management structure capable of overseeing a multi-continent operation.
Sports history is littered with “disruptive” leagues that collapsed not due to a lack of talent, but because governance structures were weak. Project B must prove it is not just a flush startup, but an institution that can manage media rights, venue agreements, and cross-border logistics without lapses.
Could Project B face antitrust lawsuits? Less likely than the WNBA. New leagues typically face fewer antitrust risks; established leagues with restrictive structures, like the WNBA’s salary cap, face more scrutiny regarding suppressed market value.
Put simply, this is the first women’s sports league that combines tech-sector financing, equity-based athlete contracts, sovereign wealth partnerships, and a global tournament structure. Each element carries its own legal complexity.
Can the WNBA’s Labor Model Withstand a Real Competitor?
The first major legal question is whether Project B creates antitrust pressure on the WNBA’s long-standing compensation structure.
Under the WNBA’s proposed new collective bargaining agreement, base salaries are capped at roughly $1.1 million.
Project B, by contrast, is offering $2 million or more, plus equity stakes. That gap raises a central question: If a new entrant can afford to double WNBA top salaries, does this expose the WNBA’s salary-cap model to antitrust scrutiny?
Past cases, including USFL v. NFL and the O’Bannon and Alston decisions against the NCAA, demonstrate how courts scrutinize leagues that limit competition or suppress market value.
Project B’s arrival creates a market benchmark the WNBA cannot ignore. Agents will use Project B’s offers as evidence that the WNBA model artificially restrains earnings in future bargaining cycles.
Can Players Freely Move Between Leagues?
The labor-law implications are equally significant, particularly regarding contract overlaps with the WNBA and overseas leagues.
Exclusivity and Non-Compete Clauses: If WNBA contracts include exclusivity clauses, players may be barred from competing elsewhere. Courts typically scrutinize clauses that limit a worker’s ability to earn income.
Breach of Contract Risks: If players breach existing contracts to join Project B, it opens the door to breach-of-contract claims and potential tortious interference claims against Project B.
Unionization: If a significant number of U.S.-based players join the league, they may attempt to unionize under U.S. labor law, potentially bringing the National Labor Relations Board into the global operation.
LEGAL SNAPSHOT: Will Project B force higher WNBA salaries? Historically, competition has driven player compensation upward in every major U.S. sport. Project B’s multimillion-dollar offers and equity stakes will become significant leverage in the next WNBA collective bargaining agreement (CBA) cycle.
Are Project B’s “Equity-Laden Deals” Regulated?
The use of equity-based compensation is arguably the league’s most legally sensitive feature. When athletes receive equity in a privately held league, multiple securities-law obligations are triggered.
Regulated Securities: The player equity is almost certainly considered a regulated security. This requires the equity offering to comply with SEC registration or exemption rules, and players must receive specific disclosures about risks and rights.
International Complications: Because players have been signed from Brazil, France, and China, their respective regulators (CVM, AMF, CSRC) may deem the equity to be a regulated financial instrument, each with distinct compliance requirements.
Liquidity and Valuation: Project B must provide clear, compliant information about when players can sell their equity and the valuation method used.
LEGAL SNAPSHOT: Are Project B’s equity deals legal? Yes—but they are heavily regulated. If Project B fails to meet compliance, disclosure, or registration requirements in any jurisdiction where a player resides or competes, it could face securities litigation or administrative penalties.
Foreign Investment, Sovereign Wealth Scrutiny, and Cross-Border Legal Risk
Project B’s operational relationship with Sela, a company owned by Saudi Arabia’s Public Investment Fund (PIF), introduces sophisticated foreign-investment scrutiny.
CFIUS and FDI: Oversight could come from the U.S. Committee on Foreign Investment in the United States (CFIUS), which monitors foreign influence in key sectors, as well as the EU’s Foreign Direct Investment (FDI) Screening Regulation in member states where tournaments are hosted.
Political and Reputational Risks: Beyond formal legal reviews, Project B must navigate the political risks associated with PIF. The U.S. and Europe have already witnessed congressional hearings and media scrutiny related to Saudi investment in LIV Golf. Even if Sela contributes no funding, the optics of sovereign wealth involvement in a women’s sports league may prompt questions from lawmakers and advocacy groups, shaping the league’s commercial strategy.
Cross-Border Employment & Tax Law: A Seven-Nation Tour of Legal Risk
Because Project B intends to stage tournaments across several continents, its employment and compliance obligations will vary dramatically from country to country.
Visas & Immigration: Managing rolling visa applications for players, coaches, and staff across multiple jurisdictions is a substantial legal undertaking.
Worker Protection: The league must adapt to local worker protection laws, particularly in Europe, where labor standards are stringent regarding rest periods and mandatory insurance.
Taxation: When athletes perform work in multiple countries, they are often subject to source-based taxation in each jurisdiction where income is earned, requiring complex international tax planning to avoid double taxation.
Duty of Care: The final area of concern is the league’s duty of care. A fast-moving, global tournament model increases the risks associated with fatigue and inconsistent medical access. Courts in both the U.S. and Europe have held sports organizations liable when inadequate safety measures lead to player harm. Project B’s legal obligations include ensuring consistent medical staffing, safe travel arrangements, and proactive risk management across all host countries.
Commercial Rights and Long-Term Impact
Project B must secure global trademark protection for its branding and navigate complex media partnerships. One immediate issue is how Project B’s commercial rights will interact with the existing endorsement contracts of its star players.
Furthermore, image rights laws vary widely – France and China, for instance, impose stricter protections on commercial use of a person’s likeness than the United States.
If Project B succeeds, it could create lasting changes in how women’s sports leagues negotiate compensation. Legislators, regulators, and courts may look at Project B’s multimillion-dollar contracts as evidence that the market for elite women’s basketball has been historically undervalued.
The league could become an influential test case for whether athletes should hold equity stakes in their leagues, ushering in a new era of shared ownership models in professional sports.
Project B is not simply another sports start-up. It is an ambitious attempt to build the first truly global, tech-funded, equity-driven women’s basketball league.
If it succeeds, the ripple effects will reshape labor rights, challenge traditional salary models, and accelerate the globalization of women’s sports.
1. Can the WNBA stop players from joining Project B?
Only if a player is under a contract with an exclusivity clause. Even then, enforcement may be limited by antitrust or labor-law considerations. Most off-season leagues exist precisely because WNBA players are not contracted year-round.
2. Are Project B’s equity deals legal?
Yes—but they are regulated. Equity compensation must comply with securities laws in every jurisdiction where players reside or compete.
3. Is Saudi Arabia funding Project B?
According to statements from co-founder Grady Burnett, Sela is only a paid event vendor, not an investor. However, any affiliation with a sovereign wealth subsidiary triggers added compliance obligations and political attention.
4. Could Project B face antitrust lawsuits?
Less likely than the WNBA. New leagues typically face fewer antitrust risks; established leagues with restrictive structures face more scrutiny.
5. Will Project B force higher WNBA salaries?
Historically, competition has driven player compensation upward in every major U.S. sport. Project B may become leverage in the next CBA cycle.
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