Connect with us

Business

The NBA is pursuing ownership groups for a potential basketball league in Europe

Published

on

The NBA is pursuing ownership groups for a potential basketball league in Europe


NBA Commissioner Adam Silver speaks during a news conference following a meeting of the NBA’s board of governors at the Thomas & Mack Center in Las Vegas, July 15, 2025.

Chase Stevens | Las Vegas Review-journal | Getty Images

The NBA is looking to Europe for its next stage of growth.

The league announced on Monday that it will move forward with a joint exploration of a new professional men’s league in Europe, in partnership with the International Basketball Federation, also called FIBA. The NBA said it plans to start the process of engaging with prospective teams and ownership groups in January.

Franchise values could be upward of a $1 billion, according to a person familiar with the matter who requested anonymity to speak about details that haven’t been made public yet.

At the NBA Cup last week in Las Vegas, NBA Commissioner Adam Silver said JPMorgan and the Raine Group have been actively meeting with interested parties in Europe and that there is a lot of “positive interest” in moving forward.

The bankers have met with at least 70 potential investors, sources told CNBC. Discussions began about a year and a half ago. The goal is to take nonbinding bids next month and vote on green-lighting the league at the board of governors meeting in March, sources said.

NBA Deputy Commissioner Mark Tatum has said previously that the league is contemplating potential ownership by sovereign wealth funds. The NBA is also engaging current European soccer club owners.

Get the CNBC Sport newsletter directly to your inbox

The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox.

Subscribe here to get access today.

The league first announced the exploration of a men’s basketball league in Europe last March.

“Our conversations with various stakeholders in Europe have reinforced our belief that an enormous opportunity exists around the creation of a new league on the continent,” Silver said in a release Monday. “Together with FIBA, we look forward to engaging prospective clubs and ownership groups that share our vision for the game’s potential in Europe.”

The NBA said it will also provide financial support and resources to European basketball. It plans to invest in domestic leagues and development across FIBA’s existing programs to create a pipeline of coaches, players and referees, according to the Monday release.

The NBA estimates there are 270 million potential basketball fans in Europe, calling it an “untapped market.” This year, on opening night, the NBA had 71 European-born players. Some of league’s biggest stars — Victor Wembanyama, Giannis Antetokounmpo, Nikola Jokić and Luka Dončić — hail from Europe.

Victor Wembanyama of the San Antonio Spurs celebrates after a 131-121 victory against the Washington Wizards at Capital One Arena in Washington, Feb. 10, 2025.

Greg Fiume | Getty Images

The NBA said basketball is the fastest-growing sport in Europe and the No. 2 sport behind only soccer. The league said the timing is perfect, as last season was the NBA’s most watched across the league’s social and digital channels.

The NBA believes the current European basketball market is undervalued and lacks teams in marquee cities, according to a source familiar with the matter. Two-thirds of teams in the already established EuroLeague lose money, according to the Wall Street Journal.

The NBA would be looking to bring teams to Berlin, Paris, Rome and London, according to the source. It is also considering Spain, Turkey and Greece.

If the NBA moves forward with the league, it could begin bringing exhibition teams to play in Europe in the near term. Eventually, there could even be NBA teams competing against European teams in a cup-style or all-star type event.

FIBA Secretary General Andreas Zagklis said the announcement is great news for European basketball and its fans.

“The project is conceived in a way that will improve the sustainability of the entire European basketball ecosystem, including players, clubs, leagues and national federations, by generating a knock-on effect that will strongly benefit basketball fans throughout Europe,” he said in a statement.

The NBA just completed the fifth season of its African League, also in partnership with FIBA. The league said it has grown every year in attendance, merchandise sales and social engagement.

Correction: This story has been updated to reflect the potential franchise value of teams.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

US economy grows at fastest pace in two years

Published

on

US economy grows at fastest pace in two years


The US economy picked up speed over the three months to September, as consumer spending jumped and exports increased.

The world’s largest economy expanded at an annual rate of 4.3%, up from 3.8% in the previous quarter. That was better than expected, and marked the strongest growth in two years.

The figures offer a clearer picture of the state of the US economy heading into the end of the year, after data collection had been delayed by the US government shutdown.

The report showed consumer spending rising by 3.5%, compared with 2.5% in the previous quarter.



Source link

Continue Reading

Business

Fish and chip shop offers 100 free Christmas meals in Southampton

Published

on

Fish and chip shop offers 100 free Christmas meals in Southampton


“It’s just a way of us giving back to the community,” says a fish and chip shop owner, who is giving away 100 free meals on Christmas Eve.

Raj Khaira, from Southampton, has owned Top Catch fish and chips in Shirley for five years and says he wants to support lonely people in the area.

He says he feels lucky to have a big family but knows for some customers a conversation with a shopkeeper might be the only one they have some days.

He says the shop will give portions of sausage and chips to those in need as a way of “giving back to the people who haven’t got family around them and sometimes can’t afford a hot meal”.

Mr Khaira speaks about working in business all of his life and how much he enjoys meeting “different people every day, from different backgrounds”.

“I’ve done it since I was a young kid so it’s all I really know,” he says.

He adds that many of his customers are elderly and do not have connections over the festive period.

“Christmas for majority of us is probably going to be a joyful and busy day but for some people it’s probably going to be a quiet day,” he says.

After posting about the plans to donate on social media he received a lot of publicity and Mr Khaira is prepared to “probably do more than” 100 meals.

He says the shop has already organised a toy and present drop off to Southampton hospitals this December, with many of the donations coming from customers.

He says: “We’re only where we are as a busy shop because of our community and our lovely customers that come in and sometimes you’ve got to give back and I’m happy to do that.”

Looking back on some of the negative news reported in Shirley earlier this year with the rise in anti-social behaviour in the area, he admits he had suffered.

His shop window was smashed in the summer, but he says: “Christmas time lets us just try and forget that for a minute and just try and have a good time, and reflect back on the year and hopefully next year is going to be a better one.”



Source link

Continue Reading

Business

Ryanair fined £224m in Italy over ‘abusive strategy’ with travel agencies

Published

on

Ryanair fined £224m in Italy over ‘abusive strategy’ with travel agencies



Ryanair has been fined 256 million euros (£224 million) by Italy’s competition watchdog for allegedly using an “abusive strategy” to hinder third-party travel agencies.

The regulator claimed in its ruling that the low-cost airline deliberately made it difficult for agencies to buy flights on its website, between April 2023 and at least April this year.

The Italian Competition Authority (AGCM) said: “Following a complex investigation, the authority found that Ryanair put in place an elaborate strategy affecting the ability of online and traditional travel agencies to purchase Ryanair flights on ryanair.com.

“In particular, the company’s strategy blocked, hindered or made such purchases more difficult… when combined with flights operated by other carriers and/or other tourism and insurance services.”

“These practices compromised the ability of agencies to purchase Ryanair flights and combine them with flights from other airlines and/or additional travel services, thereby reducing direct and indirect competition between agencies,” it added.

Ryanair said it would appeal the ruling and the fine, which it said was “unjustly levied”.

The Dublin-based carrier said: “Ryanair has campaigned for many years to offer consumers the lowest fares by booking directly on the ryanair.com website.

“This direct distribution model was ruled to ‘undoubtedly benefit consumers’ by the Milan Court, as recently as Jan 2024.”

Ryanair’s long-standing chief executive, Michael O’Leary, branded the ruling “legally unsound”.

He said: “This AGCM ruling is an affront to the precedent Milan court ruling, and also an affront to consumer protection and competition law.

“Ryanair has grown rapidly in Italy – and in many other markets across Europe – by always offering the lowest air fares in every single market in which we operate.

“This legally baseless AGCM Ruling, and its absurd 256 million euro fine, undermines consumer protection and competition law, and it will be overturned on appeal.”

It comes after Italy fined Ryanair 3 million euros (£2.6 million) in 2019 for its policy of charging passengers for cabin baggage, but the penalty was later overturned by an administrative court.



Source link

Continue Reading

Trending