Argentina leads group A with Puerto Rico, Mexico, Uruguay and Panama. The U.S. leads group B with Brazil, Canada, the Virgin Islands and Venezuela. The competition, held in the Thomas and Mack Center which hosted the last NBA All Star, awards two places for the 2008 Beijing Olympic Games

During the Aug. 22 to Aug. 26 first round, teams play a round robin points game within each group. The two four from each group qualify for the Aug. 27 to Aug. 30 second phase where they play each other. The top four teams from this will go through to the Sept. 1 semi-finals.

The two finalists will go through to the Beijing 2008 Olympic Games, while the third, fourth and fifth place teams get a pass for the World Pre-Olympic Games, a month before main competition, in which they could get playoff places.