The London Lions have officially announced that they have been acquired by Tesonet, a tech hub and a shareholder of one of the Euroleague's longstanding clubs, Zalgiris Kaunas.
The deal comes following the saga with the Lions' former ownership, 777 Partners, who eventually left not only the club but also the entire professional league in a dire financial position. Part of the new deal will see the Zalgiris Group provide the London Lions with a three-month loan to cover essential costs, which will then be repaid by Tesonet.
"The London Lions club, which will participate in top level international tournaments, will become another platform to attract and develop promising young basketball players from around the world," said Dainius Liulys, the new Director of the Zalgiris Group. "At the same time, the club will be able to learn from Zalgiris Basketball Club's sporting pyramid and management, strengthening its sporting potential and growing its fanbase."
The Lions have also stated that player budgets will be in line with the newly established salary cap, ensuring a fair and competitive environment for all athletes involved.
With many of last year's players on both the men's and the women's side having already announced their departure, new ownership pushing for "top level international" competition and with this new salary cap in play, expect the Lions to be introducing many fresh faces to both the men's and women's teams whilst still remaining competitive. The new London Lions GM, Iason Tranos, is already in the process of putting together a roster that fits that description.
"We have a late start but we are proud to have built a basketball culture and a burgeoning fan base that means players want to come to the organisation," said Tranos.
"The support from Tesonet and Zalgiris Group only adds to the attractiveness of playing for London. The commitment from the new owners signifies a bright future for the club, as they aim to attract top talent and foster a winning environment.”
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