By Aris Barkas/ barkas@eurohoops.net
EuroLeague owners and general managers are expected this weekend in Istanbul, where the top European clubs’ competition can make a bold step towards the future.
The main purpose of this meeting, just 20 days after the previous one in Barcelona, is to ratify the sale of 30% of the competition ownership for 300M euros to BC Partners.
This is a very important move, not just because of the money involved in the sale, but also because it confirms that the current value of the EuroLeague is 1B euros, and this value will rise automatically due to BC Partners’ involvement.
The British international investment firm with over $40 billion of assets under management across private equity, credit, and real estate has already made its presentation in the previous meeting, and according to Eurohoops sources, has already secured a majority which is in favor of the sale.
However, a simple majority may not be enough, and that’s why a firm commitment by the 13 clubs, or at least most of them, is needed in order to complete the deal.
New contracts signed, Real Madrid and Giannakopoulos
Per Eurohoops sources, this commitment is tied to the signing of the new 10-year licenses of the clubs, with many of them already signed and some of them expected to do so in Istanbul.
That’s why Panathinaikos owner Dimitris Giannakopoulos, in his outburst, mentioned the meeting and signatures.
Still, the defending champions until recently supported the sale, and despite the mention of FIBA and the NBA, it’s unclear if this will change.
After all, Panathinaikos also complained last year during the playoffs about the referees, Giannakopoulos personally did the same in past, and also said that he was selling the club and hoped to see it competing in the Basketball Champions League.
The real question is what will be the stance of Real Madrid, which remains the most enigmatic in Europe, considering a possible collaboration with the NBA. It’s hard to imagine Florentino Perez travelling to Istanbul, the same can be said for the rest of the management, even if they are currently in Athens, just one hour away by plane, due to the playoff series with Olympiacos.
It’s also certain that Barcelona will follow the decision of Real Madrid on this matter.
Considering the issue’s importance, it’s unclear if the meeting will make any decisions on new licenses and the expansion to 20 teams.