NBA Europe draws massive interest, proposals of up to $1 billion
The NBA had set a deadline for midnight eastern on Wednesday April 1 for investment groups to submit non-binding bids for NBA Europe consideration.
A key deadline has come and gone for the NBA’s venture into Europe , and the league office is buoyed with the result, all of which signals building momentum for the proposed upstart league. The NBA had set a midnight deadline of Wednesday, April 1 for prospective investors to submit non-binding bids for consideration into the league’s proposed NBA Europe expansion. According to a person with direct knowledge of the matter, north of 120 investment groups expressed interest in teams for the proposed league, with multiple bids even surpassing $1 billion.
The league had set a loose threshold for entry at around $500 million; according to the person, many of the bid proposals fell within that $500 million to $1 billion range. The proposed bids essentially act similarly to licensing fees that represent a buy-in into the league. The non-binding bids came from wealthy individuals, investment firms and even existing teams in the EuroLeague, which is the legacy league that NBA Europe would be looking to compete against, if not replace altogether.
The person spoke under the condition of anonymity because they were not authorized to comment publicly on the matter. “We have received significant interest from a range of prospective teams and investors for permanent franchise spots in a new league in Europe backed by the NBA and FIBA,” NBA deputy commissioner Mark Tatum said Wednesday in a statement emailed to USA TODAY Sports. “The level of engagement and the scale of the bids reflect the marketplace’s belief in our proposed model and the enormous, untapped potential for European basketball.
We will now review the bids in more detail and shortlist the partners who share our vision and commitment to accelerating the growth of the game across the continent. ” There are 12 cities across Europe that the NBA and FIBA, its partner in the venture, are targeting for the new league. The cities are among the biggest in Europe and include Rome, Paris, Barcelona, London and Athens.