‘We haven’t sold the business’: London Lions administrators deny Lithuanian claims
Administrators for dual British Basketball League champions London Lions insist the club has not been sold – contrary to the claims of Lithuanian bidders.
London Lions, who have been at the forefront of a resurgence in men’s and women’s basketball in the UK, have won the BBL and Women’s BBL titles for the last two years.
But the collapse of former owner 777 Partners’ sporting interests, which included several European football clubs, a bid for Everton and part ownership of the BBL, has plunged their future into doubt.
Lithuanian tech hub Tesonet, a shareholder in Lithuanian giants Basketball Club Žalgiris, last week claimed to have acquired London Lions.
But Hasib Howlader and Nimish Patel of insolvency practitioner Hudson Weir, who have been appointed joint administrators of the business, today shot down those claims.
“I don’t know where the report came from but it’s not true. We haven’t sold the business,” Howlader told Morning Wire
“We have set a deadline of Friday at noon for bids for the trading assets of London Lions. We are expecting three offers. Two have come in and we are expecting one more.
“All I can say is that the only people who can sell the business are myself and Nimish and we haven’t sold it.”
Last week Zalgiris announced on its website that its part owner Tesonet had acquired the Lions.
It added that Zalgiris was “providing the London Lions with a short-term, three-month loan to cover essential costs, which will be repaid to the Group by Tesonet.”
The British Basketball League has also been left on thin ice by the collapse of Miami-based 777 and had its licence terminated by British Basketball last month.
777 has lost its entire sporting portfolio following lawsuits brought in the US by London-based asset managers Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund plc.
They accused 777 of “operating a giant shell game at best, and an outright Ponzi scheme at worst”.
London Lions were founded in 1977 as the Hemel Hempstead Lakers and following a takeover relocated and became Milton Keynes Lions.
They moved to their current home in 2012 and play home games at the Copper Box in the Queen Elizabeth Olympic Park.
London Lions entered the Women’s British Basketball League in 2017 and won their first title in 2023, successfully defending it last season.
But concerns over their future and 777’s funding grew when it emerged they would be pulled out of European competition next season.
“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,” Howlader said.
“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.“