London Lions net a buyer

British Basketball League (BBL) side London Lions have been successfully sold to Lithuanian tech investment company Tesonet.

The deal with Tesonet, a shareholder of Euroleague basketball club Zalgiris Kaunas, follows Stratford-based London Lions’ brief period in adminstartion.

The club was placed into administration on 30^th July 2024 follwing the collapse of its former owners 777 Partners.

Now, following the appointment of licensed insolvency practitioners Hudson Weir, Tesonet has successfully completed an acquisition for an undisclosed sum.

In a statement, Hudson Weir explained that ‘the marketing process of the club had significant interest and attracted multi-million pound offers’ but Hudson Weir ‘were obliged to accept the offer which was in the best interest of creditors of the company.’

Hasib Howlader, joint administrator from Hudson Weir, commented, “We are delighted to report that Tesonet / Žalgiris Kaunas is the new owner of the club, with Hudson Weir managing to complete the sale in a period of less than two weeks from the date  the club was placed into Administration. For Nimish and myself speed was crucial regarding this administration to ensure the club did not falter during that period and the players could see a bright future ahead of them, and most importantly have the platform to join the league for the 24/25 season.

“Our honest approach in communicating the facts surrounding the circumstances of the club attracted a number of eleventh-hours bidders, however it was Tesonet / Žalgiris Kaunas who were the ultimate winner in this race for the London Lions. We are also delighted with the support provided by Frank Brumby of HCR Law who worked around the clock and over the weekend alongside us”