London Lions enters administration with ‘serious buyer’ sought

British Basketball League (BBL) side London Lions has entered administration following weeks of uncertainty, with a deadline for the team’s sale set for Friday 9th August.

Despite success on the court – both the men’s and women’s team won the BBL championships and play-offs this season – the collapse of former owner 777 Partners, which also owns a 45% stake in the BBL, has left both the league and the London Lions without funding.

Earlier in the month it was thought that Lithuanian tech investment company Tesonet, a shareholder in Lithuania’s Basketball Club Zalgiris, had acquired the struggling BBL side, however, this has been refuted by insolvency firm Hudson Weir.

The club’s administrators Hasib Howlader and Nimish Patel have confirmed they have set a deadline of midday on Friday 9th August for prospective buyers to submit their bids, with three expected.

Speaking to City A.M., Howlader said, “With such a rich heritage and pedigree, this team has the support of the local community as its backbone and has a loyal fan base.

“We are now seeking a serious buyer to take the London Lions on the next part of its journey, to ensure this club continues to thrive and grow. The sale will include the assets of the business and all goodwill amassed over the last 47 years.

“We are interested in talking to serious prospective buyers and whilst our focus is to sell the club to the best bidder, we are open to serious offers.“

The news follows June’s termination of the BBL’s license by the British Basketball Federation, the national governing body for the sport in the UK.

Since that time, an interim license to form a new league has been awarded to a consortium of British clubs operating as Premier Basketball Ltd.