Basketball Tournament Founder on $500,000 Prize

Basketball Tournament Founder on $500,000 Prize Play

May 8 (Bloomberg) -- Jon Mugar, founder of The Basketball Tournament, talks about his decision to start a 32-team basketball tournament that offers a $500,000 prize to the winners. This year's event will be held without sponsors, advertising or television coverage. It's a $1.5 million gamble that word of mouth, social media and an on-court product that includes former National Basketball Association players and reunited elite college teammates will give them more leverage with potential sponsors and broadcasters next year. (Source: Bloomberg)

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