By Stefan Acevski / info@eurohoops.net
London is bound to get a team in the NBA Europe project, and in Jonathan Rest’s article on “SportBusiness” it is mentioned that this project has attracted several bidders.
They are willing to offer up to around a billion dollars for this project in one of the most important European cities.
As it’s reported: “More than five groups have submitted best and final bids to own the London-based franchise in the new NBA Europe venture, which is expected to sell for well in excess of $1bn (€880m), SportBusiness can reveal.
Binding bids for the 12 teams are due on Monday (June 29), with sources close to the process confirming that London and Paris comfortably lead the field.
London, however, has generated the most interest from a range of investor types, including football clubs, sovereign wealth funds, private equity firms, and ultra-high-net-worth individuals and family groups.
Former Tottenham Hotspur chairman Daniel Levy is understood to be fronting a consortium involving Formula E owner Liberty Global and Jahm Najafi, co-founder of US private equity firm MSP Sports Capital, for the London franchise”.
Official information on the matter is expected to be revealed on Monday, when the deadline for the bidding process will end, and the NBA will proceed with selling the franchises.
According to the same report, the NBA “will go on the market one at a time, starting with the most in-demand, giving unsuccessful bidders the opportunity to redirect offers to different cities.
London is therefore likely to kick off the process, followed by Paris. It is understood that both will sell for above $1bn.”
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