BBL champions London Lions bought out of administration

British basketball champions London Lions have been bought out of administration by Lithuanian group Tesonet and Zalgiris Kaunas.

London Lions were taken to the brink of extinction by the collapse of former owner 777 Partners’ sporting empire.

Tesonet, a tech hub and investor in Lithuanian side Zalgiris Kaunas, was the early frontrunner and the only bidder to meet the deadline to enter next season’s Super League Basketball.

“We are delighted to report that Tesonet / Zalgiris Kaunas is the new owner of the club, with Hudson Weir managing to complete the sale in a period of less than two weeks from the date  the club was placed into administration,” said Hasib Howlader, joint administrator from Hudson Weir.

“Speed was crucial regarding this administration to ensure the club did not falter during that period and the players could see a bright future ahead of them, and most importantly have the platform to join the league for the 24/25 season.”

The race for London Lions

Added Howlader: “Our honest approach in communicating the facts surrounding the circumstances of the club attracted a number of eleventh-hours bidders, however it was Tesonet / Zalgiris Kaunas who were the ultimate winner in this race for the London Lions. We are also delighted with the support provided by Frank Brumby of HCR Law who worked around the clock and over the weekend alongside us.

“As part of the final deal, Hudson Weir were able to save the club, with no loss of jobs, a positive return to creditors, and the London Lions will be playing in the next season of the BBL. This was a very good return for all parties concerned.

“The new ownership is expected to bring fresh energy and resources to the club, ensuring that the London Lions continue to thrive due to the outcome of this case, as the London Lions are more than just a basketball team; they are a symbol of community pride and sporting excellence. With a history that spans nearly five decades and a fan base that is deeply passionate, we are confident that under the new ownership, the London Lions will continue to scale new heights.”