Fresh twist in London Lions sale after league weighs in on potential rescue deals
Lithuanian bidder Tesonet appears to be in pole position to buy financially stricken basketball club London Lions.
Super League Basketball say the part-owner of Zalgiris Kaunas has been the only party to meet its deadline for entry into the 2024-25 season.
Any other buyer of London Lions, who have been placed into administration following the collapse of 777 Partners’ sporting empire, risks being excluded from the coming campaign.
Administrators Hudson Weir insisted on Friday that there were two main bidders for the financially stricken Lions, reigning champions of the now-defunct British Basketball League.
Hudson Weir said that a new bidder had made a significant offer for the club, who are believed to require at least £2m plus running costs.
But organisers of Super League Basketball cast doubt on whether any new bidders would satisfy their demands before the season starts next season.
“There is only one bidder – the Zalgiris Group – which has met the deadlines and requirements that were required to be involved in the Super League Basketball season starting in September,” said Vaughn Millette, majority owner of Sheffield Sharks and spokesperson for Super League Basketball.
“We have been working with Dainius Liulys, CEO of Zalgiris Group to agree a pathway for London Lions to join Super League Basketball for some time now.
“Everyone should rest assured that the criteria includes payment of all basketball-related suppliers, players and employees of the club, relinquishing the exclusivity of the London franchise, firm commitment to the women’s professional team alongside commitment to boys’ and girls’ academies.
“As well as this, all members of SLB must sign up to the new rules and structure and our commitment to a sustainable approach for growing the sport and the league together.”
Zalgiris said last week that its shareholder Tesonet had acquired London Lions. The administrators shot down those claims on Wednesday.
Hudson Weir said they had received one “significant” late offer for London Lions before today’s 12 noon deadline for bids which also came from overseas.
All offers will now be evaluated by the administrators.
R3 Sport, which emerged as a rival bidder on Thursday, is believed to remain in discussions with the administrators but is not currently one of the two favoured bids.