By Matt Leon

PHILADELPHIA (CBS) — Should be some great basketball action getting underway Friday at Philadelphia University. And for one team it will be incredibly lucrative.

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“The Basketball Tournament” features 32 teams playing in a five-on-five single elimination tournament.  The winner of the tourney walks away with $500,000 dollars.

LISTEN: KYW’s Matt Leon spoke with tournament founder Jon Mugar about “The Basketball Tournament.”

“What’s most interesting to me, as a basketball fan, is what’s going to happen when you put truly the only emphasis on winning,” tournament founder Jon Mugar tells KYW Newsradio. “Team basketball is the only thing that matters, players’ statistics don’t really matter, it’s all about how the team performs together.”

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Mugar says this was an idea that was three years in the works.

Fans that check out the tournament will see a lot of familiar faces as several former City 6 players are taking part as well as tons of other familiar names.

The first-round is Friday, rounds two and three will be Saturday. On Sunday it is the semifinals and then the two teams will meet in the championship on June 28th. That game will be hosted by one of the teams in the game.

Tickets are available for the tournament, they can be purchased here or at the door at the Gallagher Center at Philadelphia University.

You can follow Matt on twitter @mattleonkyw.

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