The Miami-based investment firm have invested £7 million into the British Basketball League in return for a 45% stake in what could be a hugely defining move for the entirety of British Basketball.
777 Partners are also the owners of the London Lions and have been since 2020. The Lions have seen success not only in the domestic league but also in the FIBA Europe Cup both on the men's and women's side, with the acquisitions of a number of players being a huge reason for their progression as a franchise this season.
The investment will focus on a number of key areas which will hopefully result in a lot of growth for professional basketball in the UK, including hiring a CEO, the addition of 4 new franchises within the next five years, improved arenas, training facilities and much more.
“The current barriers to entry and lack of support at all levels of the game have a disproportionate and inequitable impact on underprivileged and minority communities that stand to benefit from its potential. Observing the systemic forces inhibiting the growth of British basketball has deepened our resolve as a stakeholder," said Joshua Wander, managing partner from 777.
“We are determined to work closely alongside the clubs and within their respective communities to ensure our investment serves to incubate the sport more broadly. We thank Sir Rodney, the board, and the clubs for the opportunity to do so.”
The BBL also say they are committed towards the growth of the WBBL as well as grassroots basketball through the BBL Inspires programme. All those involves hope that this investment will act as a catalyst and spark even more growth for British Basketball in the future.