Formula E owners bid for NBA Europe’s London franchise
Formula E’s majority stakeholder has bid to buy the London franchise in the upcoming NBA Europe project, according to reports.
The London franchise was the most sought after team when the period to submit non-binding bids to express an interest closed last week.
NBA sources stated that they had received multiple bids of $1bn across the process.
Liberty Global, the majority owner of all-electric motor racing series Formula E, has bid for the London team, according to Sky News’ Mark Kleinman, in conjunction with either investment vehicle MSP Sports Capital or one of its founders Jahm Najafi.
MSP Sports Capital last year exited from McLaren in what was one of the largest returns in sporting history, with the Formula 1 team valued at £4bn, and they had reportedly held discussions with former Red Bull team principle Christian Horner about buying a minority stake in French racing team Alpine.
Najafi was once the vice-chairman of the Phoenix Suns NBA team.
NBA Europe on its way
NBA Europe has 2027 pencilled in as its launch date, with teams set to be included from across the major basketball markets this side of the Atlantic.
Both Barcelona and Real Madrid are reportedly interested in bids while other EuroLeague sides have been looking at partnerships. The likes of Paris, Manchester and Milan are expected to have teams.
A total of 10-12 franchises will exist under the new project with a route to qualify from outside the founding members to be implemented.
“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,” said NBA deputy commissioner and chief operating officer Mark Tatum after the non-binding period closed last week.
“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.”
Liberty Global holds 50 per cent of Virgin Media O2 and a small stake in ITV as part of a wider portfolio.