Media company Overtime has picked Atlanta to host its basketball league that will pay teen players more than $100,000 per season. The company is also building a new building for the games.
Overtime Elite, which only includes high school players between the ages of 16 and 18, has released the display of a 103,000-square-foot complex in the Atlantic Station section of Atlanta. It said players will be housed on campus, which will include personal living quarters and space for education courses. The project is expected to be completed by OTE’s debut in September.
OTE Chairman and Commissioner Aaron Ryan said in a statement that Atlanta’s “diverse population, vibrant business community and rich culture” stood out when looking for locations. Overtime estimated the project would create 400 construction jobs in Atlanta, adding that at least 30 percent of those jobs would be “miscellaneous hires.”
Atlanta Mayor Keisha Lance Bottoms said the announcement “underlines that Atlanta is still a great place to do business. Overtime Elite will bring several high-paying jobs to our city, generate millions of dollars in economic impact, and provide mentorship and programming opportunities for our young people.”
Overtime launched OTE in March, and the league allows players to take advantage of basketball while also benefiting from their personal brands through name, image and likeness. OTE plans to offer players courses, life training and financial literacy. The league will also pay an additional $100,000 toward college fees if players don’t go 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 targeting brands by integrating them into the online media content and monetizing video ads. The other is direct revenue through e-commerce.
Overtime raised $80 million in April from investors including Amazon CEO Jeff Bezos’ investment company, global entertainer Drake, Reddit co-founder Alexis Ohanian and several National Basketball Association players. To date, the Brooklyn-based company said it has raised more than $140 million.
“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks for Overtime’s remarkable growth and our future trajectory,” Porter said in April. “We believe this is just the tip of the iceberg as we develop new ways for Overtime to engage and entertain the next generation of athletes and fans.”